Acting for local clients, we conducted all due diligence on the purchase, holding, eventual upgrading and re-leasing of this property. In our view this exercise was viable at a value of $4,375,000, however a buyer paid $4,720,000 at auction showing a 4.63% cap rate. Our losing bid level was $4,500,000. A very strong result based upon available evidence.
Sale
By public auction
Building
740m² over 2 levels
Land
544m²
Cars
10 on grade
Net income
$218,545
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