Property for Sale or Lease
Morgan Hill Warehouse
10,000 sg/ft. Warehouse on 28 acres in Morgan Hill. The property has been red tagged for construction that was done without permits. The cost of demolition of illegal construction is estimated at $70,000 the cost of the fines is $32,000. The total cost to bring the property back into compliance is therefore approximately $100,000. There is a loan on the property for $760,000 that pays out at $4,700 per month but since it is a seasoned note about half of the payment goes to Principal. The owner will take $50,000 down and carry an additional $100,000 with payments starting after the red tag is lifted.
The property is zoned Agricultural. There are several winery’s in the area. The possibility of a Marijuana is still uncertain. The property also includes 48,000 gallons of water storage and two producing wells.
Commercial Brokers Association