24hr Fitness Agoura Hills
28610 Canwood St, Agoura Hills, CA 91301, USA
Property Type
Retail
Length
18 months > Term
Appraised Value
$7,000,000 Appraised Value /
LTV
50%
About this Property
I have a building that I have operated as an owner-user for 20 years. I have decided to move out of the space and have received interest from 24hr fitness would like to rent. However, they need additional parking which will require me to build a subterranean structure. It is very expensive, however, based on the rents they will pay still pencils out.
Listing Details
- Term: 18 months
- Appraised Value: $7,000,000
- LTV: 50%
- Status: Owner Occupied
- Property Type: Retail
- Purchase Price?: $1,000,000
- Listing Type: Commercial
- ARV: $15,900,000
- Current NOI: $450,000
- Pro Forma NOI: $888,000
- Building Size: 37,000sqft
- Land Area: 2 acres
- Occupancy: n/a
- Experience: 1-4 Deals
- Number of Units: 1
- Date Purchased: 2000
Financials
- Loan Amount: $3,500,000.00
- Estimated Net Worth: n/a
- Estimated Income: n/a
Client Information
- Has the client used private money in the past?: Yes
- Has the client had any banckruptcy in the last 5 years?: No
- Client Background
- Client is a business owner and real estate investor for many years. His exit strategy is: upon building the structure and 24hr fitness commencing rent payments he will refinance the property and pay back the loan. For his underwriting client has assumed a 6% cap rate valuation of the 24hr fitness property and a refi/cash out at 60%. If he decides not to refinance he will sell the property and payback the existing lender.
Details
Loan Purpose
- Construction Loan
- Value Add
Role
- Investor
- Other
Listed by JerryW
- Super Host
- Profile Status
- Verified
