No Tire Kickers, that does not help anyone......If serious contact me......LOI needed before ANYTHING......No Time Wasters.....
I will share what the area of location of this business.....if contacted privately.....
9 building cannabis portfolio for $52mm. 9+ cap Or passive equity partner.
$15mm minimum investment There are currently 6 buildings of the 9 paying rent. Monthly rent now brings in 380k per month. Another building, #7, will go on line within 60 days now, thanks to City delays. Already rented. The last 2 buildings, #8 & #9, will be subject to construction financing in terms of speed to finish. They are 90% and 60% finished respectively now.
Once all 9 are finished and online, monthly rent collected will be closer to 550K per month. All on 5 year leases.
This property has been appraised 3 times in last 4 years, over $50mm. There are no comps in the area. Cannabis gets 3 times the rent of standard. Property was most recently appraised in Nov 2023, at around $56m as is, $61m finished. 2023 NOI 3.3M
2022 NOI 2.7M
5 years of rent rolls , 100% OCC
All Leases are 5 years and all tenants extending Current monthly rental income 380K. With refi and finish last 2 buildings, income increases to over 500K monthly.
The asset appraises as is over 56m, 61m stabilized with all 9 bldgs.
So the refi ask is under 40% LTV.
Most recent appraisal is available
