Buyer buys building for $1.69M and acquire ongoing (20 years in business) wholesale Dry Cleaning business for free. The business alone is valued at $1.2M - $1.5 M. Many options for the investor: if the buyer leases the business to someone who wants to own the business and charges $0 for the business, the new tenant, in lieu of acquiring an ongoing business for $0 or given a gift of $1M++, would pay a premium rent of $16/sqft AAA Net. Projected Inc: Building 10,000 sqft @$16/sqft=$160,000/Yr (9.5% cap). 15ft Ceiling.
Listing courtesy of Douglas Elliman Real Estate.
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