2 E Market St - Greenwood Post Office
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2 E Market St - Greenwood Post Office
2,692 SF Speciality Building Offered at £740,218 at a 6% Net Initial Yield in Greenwood, DE 19950
Executive Summary
The Greenwood Post Office recently executed a new five-year Lease.
The building was built as a post office approximately 50 years ago and the U.S. Postal Service has been renewing the lease every five years ever since. The post office is located at the center of town next to the Greenwood Town Hall and the Greenwood Library. We anticipate that the U.S. Postal Service will continue to renew the lease every five years.
The current annual rent is $59,762 ($4,980.17 per month).
The lease is nearly a triple net lease (NNN), with the only expenses being paid by the landlord are insurance, roof/structural repairs and other minor repairs.
In 2022 the unreimbursed landlord expenses paid were $2,007.
In 2023 the unreimbursed landlord expenses paid were $4017, although $1,002 were for capital expenses.
To calculate a projected 2024 Net Operating Income (NOI) the landlord expenses of 2022 and 2023 were averaged, which translates to $3,062. Deducting this amount from the current annual rent of $59,762 results in a projected 2024 NOI of $56,700.
At a 5% cap rate with an NOI of $56,700 the purchase price is $1,134,000.
The building was built as a post office approximately 50 years ago and the U.S. Postal Service has been renewing the lease every five years ever since. The post office is located at the center of town next to the Greenwood Town Hall and the Greenwood Library. We anticipate that the U.S. Postal Service will continue to renew the lease every five years.
The current annual rent is $59,762 ($4,980.17 per month).
The lease is nearly a triple net lease (NNN), with the only expenses being paid by the landlord are insurance, roof/structural repairs and other minor repairs.
In 2022 the unreimbursed landlord expenses paid were $2,007.
In 2023 the unreimbursed landlord expenses paid were $4017, although $1,002 were for capital expenses.
To calculate a projected 2024 Net Operating Income (NOI) the landlord expenses of 2022 and 2023 were averaged, which translates to $3,062. Deducting this amount from the current annual rent of $59,762 results in a projected 2024 NOI of $56,700.
At a 5% cap rate with an NOI of $56,700 the purchase price is $1,134,000.
Property Facts
| Price | £740,218 | Building Class | C |
| Price Per SF | £275 | Lot Size | 0.14 AC |
| Sale Type | Investment | Building Size | 2,692 SF |
| Net Initial Yield | 6% | Number of Floors | 1 |
| Property Type | Speciality | Year Built | 1963 |
| Property Subtype | Post Office | Tenancy | Single |
| Price | £740,218 |
| Price Per SF | £275 |
| Sale Type | Investment |
| Net Initial Yield | 6% |
| Property Type | Speciality |
| Property Subtype | Post Office |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 2,692 SF |
| Number of Floors | 1 |
| Year Built | 1963 |
| Tenancy | Single |
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PROPERTY TAXES
| Parcel Number | 530-10.13-111.00 | Improvements Assessment | £13,708 |
| Land Assessment | £1,645 | Total Assessment | £15,353 |
PROPERTY TAXES
Parcel Number
530-10.13-111.00
Land Assessment
£1,645
Improvements Assessment
£13,708
Total Assessment
£15,353
zoning
| Zoning Code | TN (Town Center District allows for a mix of residential, commercial, and institutional uses for a walkable area) |
| TN (Town Center District allows for a mix of residential, commercial, and institutional uses for a walkable area) |
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2 E Market St - Greenwood Post Office
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