Enterprise Rent-A-Car Canada and Pattison Signs – Safety First Projects 18 Ltd.

LOCATION: 5437 45 Street, Red Deer, AB
PURCHASE PRICE: $1,287,000 ($1,387,500 All In Costs)
APPRAISED VALUE: $1,425,000
TOTAL CAPITAL INVESTED: $500,000
CASH ON CASH RETURN: 7.4% (Average over five years)
COMPOSITE RETURN: 13.8% (Cash on Cash plus Equity Gain through paying down loan principle – Average over five years)
TENANCY: Enterprise Rent-A-Car & Pattison Outdoor Advertising
YEAR BUILT: 1956 with a $900,000 upgrade in 2014
FOOTAGE: 8,000
LAND SIZE: .98 Acres

 

The Story:

Dan Nielsen of our office brought this property to our attention.  The property was developed in 1956 and in 2014 Enterprise Rent-A-Car leased the property and invested a reported $900,000 in upgrading the building inside and out.  This property is located on a corner lot at the entrance into Capstone at Riverlands.  This property has both a long term lease to Enterprise as well Pattison Outdoor Advertising.