Industrial Property Advice - What Do You Think?

[Tristin Crum]

I am looking at this piece of industrial property and it seems to be a pretty good deal. The property is 30,240 square feet, 1.55 acres and is 100% occupied. The asking price is $2.1 million but I believe that I can get it for $1.9 million. Cap rate is 8.20%. If I put 20% down being $380,000 on the $1.9 million I will take a loan on the property at $1.52 million. My monthly payment on that debt will sit at around $7,178 a month or $86,136 a year. The NOI is $172,155. After debt payment the end of the year profit/cash flow ends up being $86,019. The DCR is 1.99%. What do you guys think?