390 Limit Street, Lincoln, IL 62656 (MLS # 20190465)

Price $189,900
Status Active
Size 9,100 sqft
Lot Size n/a
Days on Market 72
An extraordinary opportunity for a user or an investor. The sale involves three buildings on a site zoned light industrial. Modern Brake presently occupies two buildings, the 3,000 sq ft automotive repair shop and a 780 sq ft storage garage. Modern brake has a lease for $1500 per month which is in effect until 2026. All of the contents of the repair shop and storage garage remain the property of Modern Brake. The repair shop has separate utilities. The third building is a 5,280 sq ft building closest to Limit Street which is divided into two spaces, each is approximately one half of the total sq footage and both spaces are presently vacant. One of the spaces has a 14 foot overhead door. The two spaces have leased in the past for $800 per month and $400 per month. A new owner can enjoy the income from Modern Brake and occupy the third building or find tenants for the third building and increase the income. With only the lease from Modern Brake, the annual gross income is $18,000. Present expense of taxes, insurance and maintenance is $6,675 does not include depreciation or utilities of the 5,280 sq ft building. If any part of the 5,280 sq ft building is leased, the income is increased and the tenant can pay the utilities. Note! Any sale will require the Buyer to sign a non-competition agreement prohibiting the use of the 5,280 sq ft building by any automotive repair function.
Property Type(s): Commercial
Last Updated 11/20/2019 Year Built 1960
Community East Lincoln Township County Logan

Price History

Prior to Nov 20, '19 $199,900
Nov 20, '19 - Today $189,900

Additional Details

AIR None
AREA East Lincoln Township
CONSTRUCTION Steel Siding
HEAT Electric
PARKING 5-10
SEWER City
STYLE Service
TAXES 4,900
UTILITIES Single Phase
WATER City
ZONING Industrial

Location

 

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Listing provided by Sandra Alexander, Coldwell Banker Cornerstone
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