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Federalsburg,MD 21632
Key Details
Property Type Commercial
Sub Type Industrial
Listing Status Active
Purchase Type For Sale
Square Footage 100,336 sqft
Price per Sqft $42
MLS Listing ID MDCM2005152
Originating Board BRIGHT
Year Built 1956
Tax Year 2024
Lot Size 7.930 Acres
Acres 7.93
Property Description
Very clean well--maintained Industrial Property. Excellent for a 1031 exchange. 100,336 sq. ft. complex on 7.93 acres (Parcel 595 Tracts 1 and 2. Not included in the initial offer is Tract 3, 4.66 ac. undeveloped lot, could be available). There are multiple buildings on the site, the earliest of which was constructed in 1956 as a poultry processing plant with additions built in 1988, 1994, 2001, 2002, and 2008. The construction is concrete block and steel framing with some timber framing; recent additions are pre-engineered steel buildings. The older buildings received standing seam metal roofs in 2020. Buildings are heated and ventilated with some areas air-conditioned and cold warehouse areas are equipped with refrigeration equipment. Heavy, up-to-date electrical services throughout. All other systems Ceiling heights vary from 9 to 35 feet.The primary tenant M&M Refrigeration, LLC, a wholly owned subsidiary of Johnson Controls International, designs,manufactures, and installs custom industrial refrigeration equipment worldwide. There is a small portion (refrigerated dock space) leased by Jack and Jill, an ice cream distributor. The M&M JCI lease runs through 2033 and has two five-year options. It is a triple net lease with an annual rent adjustment of the CPI or 2% whichever is higher. The current annual rent is $298,120.08
Jack and Jill has been leasing its space for almost 40 years, currently month-to-month, but a signed lease could be acquired. Jack and Jill's current annual rent is $21,600.00.
To summarize, the property generates $319,720.08 triple net. The property is offered for sale at $4,250,000, which yields a cap rate of 7.52%.
Tract 3, 4.66 acres of undeveloped industrial land is not included in the offering and this time, but could be available.
Upon receipt of a verified signed NDA (attached in Docs section), the following items will be made available: Alta survey showing all boundaries, improvements, easements, encroachments; Lease and amendment with lease exhibit; Maryland Dept. of the Environment letter of no findings; Phase 1 environmental study; and Phase 2 environmental study. Please feel free to call the agent with any questions and to arrange a site visit if you like.
Attachments
Location
State MD
County Caroline
Zoning INDUSTRIAL
Interior
Hot Water Natural Gas
Heating Forced Air
Cooling Central A/C
Heat Source Natural Gas
Exterior
Garage Spaces 56.0
Water Access N
Accessibility 36\"+ wide Halls
Total Parking Spaces 56
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Caroline County Public Schools
Others
Tax ID NO TAX RECORD
Ownership Fee Simple
SqFt Source Estimated
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional
Financing Cash,Conventional
Special Listing Condition Standard