BANK SALE: The former Bank of the San Juans building located near the lighted intersection at Platte & Chelton Road. 518 North Chelton Road is a very-high-visibility 9,752 square foot building on an 13,300 square feet lot, zoned C6, (the city’s most liberal zoning), which allows most commercial use. The building was constructed in 1984. Near the Citadel Mall and near the intersection of Platte &
Chelton, this property has exceptional access.
The entire ground floor (4,876 sf), a former bank location, is vacant. A high-value tenant occupies ½ the 2nd floor (2,438 sf). They pay $880 per/month gross and their lease expires in August 2022. The other ½ of the 2nd floor (2,438 sf) is vacant.
At $745,000 ($76.39 psf) the price is below replacement-cost and below the tax assessor’s estimate of value ($76.67 psf). When fully rented, or occupied by an Owner/Occupant, who merely makes the mortgage payment, the ROI on the down payment is around 20%.
The math: with approximately 20% down ($145,000) and a new bank loan for $600,000 at 5.75% amortized over 20 years, the monthly payment is $4,212. The potential cash flow is $28,901/$145,000 = about 20% ROI. This is a terrific owner/user opportunity to buy below market.
This building is exceptionally clean and could be a retail, office or other commercial. The tax parcel number: 641-032-1032. The 2018 taxes were: $15,909.