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We have another Plaza for sale in the state of Massachusetts with the asking price of $6,000,000. This property has not been listed yet. We were looking to offer it as Confidential off-market private trade to institutional investors and Family Office type groups. This property is also good candidate for 1031 Exchange.
The property has 6 stores with an income of $646,759 and Net Operating Income (NOI) of $414,104; this will put the cap rate at 6.9%. These are as per the actual 2015 operating numbers. The 2016 Budget Net Operating Income is $351,215.(two small stores are vacant-2016. Occupancy Rate is at 85%.). The Plaza has CVS store and Friendly's as an anchor-Long term tenants. This would be a cash cow for the right group. We are ready to provide additional info if interest is shown. The property offers a good opportunity for NOI to be increased substantially. You have to be the investor or direct with the investors.
We also have high quality Multifamily buildings in the pipeline.
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