For Sale: 4003 North Weber Street: The Arena athletic training center, the adjacent daycare center and adjacent, vacant 2.3 acres. Asking price: $3,500,000.
The Arena is a high-cube industrial building currently used as a full-service gymnasium. It’s approximately 22,585 square feet on approximately 1 acre. The property is zoned PBC/CR. It is easily converted to industrial use or it could continue as an athletic training facility. The gym-area has a regulation-sized wood basketball court; the building has a world-class weight room and ancillary storage.
There is a daycare building. It’s approximately 4,366 square feet on approximately an acre. It currently generates around $5,800 per month. The daycare operator has been in this location for many years and has indicated their desire to remain. Their lease expires 06/30/2020.
There are 9 separate, small office buildings that could be leased for income. Currently, they are under-performing with some used as offices for rent and some used for the seller’s storage.
Additionally, there are 2.3 acres for sale. This is a prime development opportunity.
The total package is priced at $3,500,000. The Seller may consider selling parts. For example, he may parse The Arena + 9 buildings, or the daycare, or the land. The daycare pricing is $870,000 (8% cap rate on current income) and the land pricing is $650,000 ($6.50 per square foot). The total building size is 45,778 SF. At $3,500,000 the price is only $76.46 per square foot (with no attribution of value for the vacant land!) This is a terrific value play with upside for someone with redevelopment capacity.