as I mostly concentrated in residential rentals, never really study much on commercial stuff, after I came across this auction the other day, I can't keep my mind off it, so decide to look into it more.
this city itself, about 50k population, but there are 4 this size city group together, make up as the 2nd biggest city in Indiana.
The main reason I am interest in the building is, it has a pizza hut, from Google, I can't really tell much, so I decide to drive there, its about 35 miles away, and take a more close look. This pizza hut is only a carry out one, no sit down options. its been in same location since 1990, there are total of 3 pizza hut in this town.
I requested a copy of lease from auction company, whom I dealt with before, pizza hut is on its 3rd renew option right now, original rent is 1500, current rent till 11/2014, is $2348, there are 2 more options available for automatic extension, 2014 is 2738, 2016 - 2021, is 3012.
the structure, is somewhat in poor shape, the office next to pizza, was lease to UAW local, then the building owner has the video shop, which actually is a pawn shop, will be closing this month, and the back is a empty warehouse.
this can also be a story of a failure landlord, this is a sheriff sale, at the same time, will auction off another retail building he own across the stree. (pic below)
the location of it is superb, 2 block wast, across the river is the new downtown, many small shops, and city park, and many newer commercial structure, some still under construction.
approaching from west side..
west side..
1 block east of it, has Martin's Supermarket, CVS, starbucks, teacher's credit union, Verizon, bunch of small shops, of course, a chinese buffet.
Approaching from east side..
to the north.. this is one shopping strip...
this is other shopping strip, and chase bank.
