5 Year Seasoned Performing, 7.9% Fixed Annual Yield, C-Store
Type: Commercial Convenience Store
Property Use: C-Store
Sq Ft: 3,700
Year Built: 1962
Other Revenue: There is a Billboard on Site that pays the owners $1,500 to $3,000 per year also.
Owner Operated: YES - Owner's have 3 other convenience stores in the area.
Sale Date: 9-17-12
Date of 1st Pmt: October 17th 2012
Sale Price: $ 500,000
Down Pmt: $ 100,000
Original Note Amt: $ 400,000
Other Liens or Loans: No
Original Term: 180 months(Amortized over 360mo)
Interest: 5 %
Monthly Pmt: $ 2,147.29
Property Taxes/Insurance included in Pmt: Being Collected by Pioneer Escrow
Current Balance: $ 366,697.86
Seasoning: 61 (after Oct 2017 payment)
Pmts Remaining: 119 months
Balloon: YES. $ 271,534.64
Balloon Due Date: September 2027
Is Payor Current: Yes
3rd Party Servicing: Pioneer Escrow
Credit Score: Corporate Borrower - 3 Partners - No Personal Guarantee's
% Down: 20 %
%LTV: 73.3 %
All Other Details:
Property being used as a C-store only
Convenience Food items, Beer & Wine and Tobacco
- No Gas - No environmental problem - NEVER BEEN USED TO SELL GAS!
NO BUSINESS ASSETS WERE SOLD! ONLY REAL ESTATE. THE SELLER OWNED the building since 1995 and used it for his own business selling Gas Fireplaces and Wood Burning Stoves. Current owner operates a Convenience Store. This is an ideal location for a C-store because it is right on the border of Oregon and Washington State. Because it is located in Oregon, which has 0% sales tax, the 40,000 people who live in the Walla Walla area of Washington State (just 5 to 10 minutes away) drive there to get their booze and tobacco and other convenience goods to avoid paying a whopping 8.9% Washington State sales tax!