448 N 3RD Street

Description

VALUE ADD. This is a rare opportunity to acquire an existing, cash-flowing industrial property in a dense urban area with significant value add opportunities.The property includes two buildings, a 1.25 acre fenced lot and parking across N. 3rd St.The main building of has two sections--the 'new warehouse' and the older four story building. The 'new warehouse' is a 19,000 +/- sf warehouse with 20 foot ceiling heights. This kind of urban warehouse is in high demand. It is currently leased at way below market prices.The four story section has almost 33,000 sf. It is mostly leased but can be converted to loft-style residential units under the new zoning change allowing residential adaptive re-use. These would be really cool loft apartments, right on the border of desirable Centre Park district, with plenty of parking.The separate 6,291 sf building was completely rebuilt in 2025 and has a long term, credit tenant at favorable rental rates.The entire property has received well over $1 million of Capital Expenditures over the last several years.The cell tower has an easement and is not part of this transaction.Included in the sale are four tax lots, as follows: 448 N 3rd = 06-5307-66-63-6005, 430 N 3rd = 06-5307-66-62-5955, 507 N 3rd = 06-5307-66-63-8016 and 451 N 3rd = 06-5307-66-63-8002.