Property Description
Listing 4899
Asking Price: $995,000 (Price Reduced)
We anticipate receiving the State Annual Permit before the end of January, and the seller is highly motivated to finalize a deal. Importantly, the license is transferable in case the current building doesn’t align with the preferences of the end operator. There is a $10,000 fee for relocation before the annual permit is issued; however, moving it is free before reaching that stage.
This is a pre-operational, tier 2, social equity cultivation business license situated in the heart of Paterson. Approved by the city, this 30k SF property provides the ideal canvas for your vision. The shell condition allows you to design your layout with the preliminary floor plans provided, ensuring seamless customization.
Real Estate Highlights
- Property Size: 25,000 SF with an additional 10,000 SF mezzanine, suitable for use as a drying room or break room.
- Power Capacity: 1600 Amps with potential for expansion (verification required).
- Lease Terms: Below market value at $30,000/month, set to increase to $41,000/month on 2/1/24, accompanied by a competitive $16/SF annual NNN rate.
- Purchase Option: Lease includes an option to purchase the building.
- Lease Duration: 5-year term with 3 extensions available and a 3% annual rental increase.
License Highlights
- Social Equity Advantage: The social equity license guarantees priority for delivery or manufacturing permits, leveraging exclusive advantages in Paterson’s restricted market.
- Scarcity Factor: The city’s moratorium on new licenses creates a sense of scarcity, enhancing the opportunity’s appeal.
Ryan Dowse, Associate Agent, WeCann License# 02074994
Co-brokered with David Ciliento at Modern Realty Group LLC , #0453228
