1908 State St - Health Club FOR SALE


Granite City, IL 62040
$199,900 USD
618-791-7663
1908 State St, Granite City, IL for Sale
$199,900 USD
Health Club - FOR SALE
1/8
null | Request Cap Rate

1908 State St
Granite City, IL 62040


HIGHLIGHTS

  • Great opportunity for a multi use facility
  • Located in heart of downtown Granite City
  • Main level is being used as a gym for "Tank Training". 2nd level is leased until 2027 with a gross lease at $4,000 per year
  • Gym equipment has an approx. value of $200,000 new with actual resale value closer to $115,000
  • Potential to complete 3 apartments and a showroom or boutique on the main level end cap
  • unlimited potential for additional parking lots in rear

OVERVIEW

Great opportunity for a multi use facility in downtown Granite City close to Granite City Steel & Gateway Regional Hospital. Main level use is gym for "Tank Training" which is owner occupied. Seller will sell all the gym equipment for half price with an acceptable contract on the building. The property at 1906 on the west side of the building is being totally remodeled. Rubber Modified roof 2019. Existing elevator at this building was fully operational 10 years ago but could potentially be operational again. Upstairs unit is currently rented until 2026 for $8,000 a mo. Rent increases to $10,000 a year in 2026. A new buyer would be advised to negotiate a new lease for a longer term. Tenant has no immediate desire to leave. Seller has reserved the right to give lessee 60 days notice to vacate the premises in the event a new user comes in for the entire building. Owner has a massage therapist interested in leasing small area on main level for $300 a month. The gym equipment is negotiable with an acceptable contract to purchase the building. Seller owns 3 parcels of land to the south side at 1909 & 1911 Grand that could be purchased for $15,000 if the user needs additional parking or other uses. The parcels are 45X125, 50X125 & 50X125.

FOR SALE DETAILS

PRICE

$199,900 USD

PRICE/SF

$9 USD /SF

CAP RATE

Request Cap Rate

% LEASED

-

TENANCY

Single

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Health Club

ADD'L SUBTYPES

undefined, Light Distribution, Office/Residential

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1940

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.29 AC

LAND SF

12,632 SF

ZONING

C-4

APN/PARCEL ID

22-2-19-24-12-202-002,22-2-19-24-12-202-005

ASK ABOUT THIS PROPERTY

Jim ReppellRE/MAX AllianceMore Info
618-791-7663

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Jim ReppellRE/MAX AllianceMore Info
618-791-7663

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.