SOLD

1801 N 13 Ave E, Newton, Iowa 50208 13% CAP Rate SOLD!!!

CONTACTS

David & Ann Whitaker - Real Estate Agents

info@wmgauction.com

(515) 460-8585

(515) 460-0255

Richard Boggess

dickbre@iowatelecom.net

(641) 792-2258

(641) 521-3378

1801 N 13 Ave E, Newton, Iowa 50208 13% CAP Rate SOLD!!!

LISTING DESCRIPTIONBack to Top

Commercial Office Building For Sale

Jasper County

October 26th, 2022 at 10 am *

Whitaker Marketing Group is honored to present a Commerical Office Building located at 1801 N 13th Ave E, in Newton, Iowa.

This property boasts rental income and great investment potential. The property is composed of one tract, located at 1801 N 13th Ave E in Newton, Iowa 50208.

Highlights:

Investment Potential

Long Term Tenants
Average 5-year income is $72,860.40/year

Average 5-year expense is $20,487.80/year

With a bid of $400,000 you are looking at a 5-year average CAP Rate of 13.09% per year

With a bid of $500,000 you are looking at a 5-year average CAP Rate of 10.47% per year

With a bid of $600,000 you are looking at a 5-year average CAP Rate of 8.72% per year

*Potential of a better rate of return with no vacancy

Why are they selling This is part of a business acquisition and it is a no longer needed asset.

Address: 180 I N 13 Ave E, Newton, Iowa 50208

Location: Newton Business Park location. Good location for office, service, or commercial use.

Size: 12,000 SF +/- metal commercial building.

Zoning: 1-L; Light Industrial District.

Utilities: The building has all utilities in place.

Assessed Value: The property currently has an annual R/E tax of $12,544.00. **Note the Business Tax Credit is not in place at this time. The owner will file for this credit. Estimated current credit of .09365% for +/-1, 175 .00 annually.

Link to the Assessor: Assessor

Condition: Property is offered on an "AS - IS" basis. The current finish is a good quality office. The property is in above-average condition.

Rental Status: Suite 100 is +/-4,292 SF leased to Alpha Media-LLC. Suite 200 is +/-1,788 SF and is currently vacant. Suite 300 and 400 of +/-5,450 SF office and the+/- 1,200 SF metal warehouse is leased to Hydaker-Wheatlake company. (Current leases available upon request)

Environmental: The owner knows of no environmental hazards, but buyers are responsible to perform their own due diligence on all environmental risks.

Summary: Visible location in the Business Park of Newton; Good location for office uses. Strong long-term tenants. Suite 200 is ready to move in at this time.

* This is a soft close auction- bids received within 5 minutes of close will extend bidding time

TERMS & CONDITIONSBack to Top

Auction Sales Method: The real estate will be offered as 1 tract(s) of real estate.

Survey: At the buyer's option and expense, they can have the property surveyed if desired. The final contract price will not be adjusted to reflect any difference between the advertised and actual surveyed acres.

Minerals: All mineral interests owned by the Seller, if any, will be conveyed to the Buyer(s).

Taxes: The real estate taxes will be pro-rated to the day of closing.

Contract and Title: Immediately upon the conclusion of the bidding, the high bidder(s) will enter into a real estate contract and the earnest money will be deposited in the Real Estate Trust Account of the seller's attorney. The Seller will provide a current abstract of title at their expense. The seller reserves the right to reject any and all bids.

Earnest Payment: Earnest money in the amount of ten (10%) percent of the contract price shall be due with the acceptance of the offer. The payment may be in the form of a cashier’s check, personal check, company check, or wired funds. Earnest money will be deposited in the Real Estate Trust Account of the seller's attorney.

Closing: The sale closing is on December 12th, 2022, or such other date agreed to by both parties. Certified funds will be required at the time of closing for the remaining balance of the purchase. The balance shall be paid in the form of certified funds upon closing.

Possession: Possession will be granted at closing, or such other date agreed to by both parties, subject to the current commercial lease.

Agency: Whitaker Marketing Group stipulates that they are representing the seller exclusively in this transaction. Whitaker Marketing Group acts as the Auctioneer and Auction Company. Winning bidder acknowledges that they are representing themselves in completing the auction sales transaction.

Notice: All information contained in this brochure has been gained from sources considered to be reliable. However, bidders are invited to inspect the property and make their own investigations with respect thereto. This sale is subject to all easements, covenants, leases, and restrictions of record. All sales are presumed to be made by the individual judgment of the purchaser. All property is sold on an “As is- Where is” basis with no warranties or guarantees, expressed or implied, made by the Realtor or Seller. All map boundaries are approximate, and photographs used may or may not depict the actual property. All bids will be on a whole dollar amount basis. Seller reserves the right to reject any and all bids. Any announcements made auction day by the auctioneer will take precedence over any previous material or oral statements. Bidding increments are at the sole discretion of the auctioneer. All decisions of the auctioneer are final.

Seller(s):