2859 AVALON ST Klamath Falls, OR 97603

Triple net leased 18,679 square foot building on 1.73 ac site is located at 2859 Avalon Street in the southeast section of Klamath Falls, two blocks east of Washburn Way. It is leased by Desert Lake Technologies for research and quality control operations, and for storage of blue-green algae products. NOI is $114,000 with 3% increase due in November 2024 per terms of the NNN lease. The building is steel frame construction on a concrete slab. The layout includes office, R&D lab, several storage areas with roll up doors, small refrigerated area, and mezzanine with additional offices. There is a paved parking area on the northside of the building. The 1.73 acre lot has 200 feet of Avalon Street frontage and 314 feet of depth. The triple net lease includes the building and parking. It is estimated that the 20,000 square feet of excess land at the eastern end of the property is suitable for development, and could accommodate 7,000 to 8,000 square feet of industrial building, with 1,000 to 1,500 square feet for work/storage small spaces, similar to Southtowne Business Center, in Klamath Falls.Access would be from Avalon Street. Secondary access is from Maryland Avenue. All utilizes serve the site. Seller has recently reduced price to $1,195,000 (9.5% Cap Rate)