Posted on July 27, 2022 / 48Listing ID: 432883APPLY FOR A REAL ESTATE LOAN
Cannabis & Hemp Insurance
Price : $11,000,000
Status : ACTIVE
Size : 250,000
Lot Size (Acres) : 12.97
Cap Rate : N/A
APN : 226-35-006V
Cannabis or Hemp Use Allowed? : Cannabis, Hemp, Cannabis and/or Hemp
Current Cannabis Business License? : Tenant with License
License Type : Recreational, Medical, Medical & Recreational
City Tax Rate : 2.5%
Utilities : Water, Electricity, Gas, Sewer, Natural Gas, Trash
Sale Type : Cash, Financing
Company Name : Long Realty - Rob Lamb
Phone : 520-444-4411
  • 12.97 Acres of Fee-Simple Land and Additional Easements

  • Approved 250,000 SF of Vertical Cannabis Use

  • Civil Engineering and Site Plan Complete

  • 15,000 SF Dispensary Plans Approved & Site Pad Ready

  • 106,000 SF Phase I Plans & Pad Ready

  • Marana approved “design and development package.” The DPP includes site, grading, zoning, legal, and civil construction.

  • Soils reports complete and approved by Marana.

  • Phase I Environmental Assessment – CLEAN.

  • Floodplain LOMR accepted by FEMA and Marana – LAND NOT IN FLOODPLAIN.

  • Traffic, archeological and all other requited studies approved.

  • Trenches for utilities opened, ready for installation & backfill.

  • General Contractor agreed guaranteed maximum price for construction and design.

  • Plans are approved to start construction.

  • Town of Marana approved plans, ready to pull permits

 

12.97 Acres of Fee-Simple Land and Additional Easements. Approved 250,000 SF of Vertical Cannabis Use. Civil Engineering and Site Plan Complete. 15,000 SF Dispensary Plans Approved & Site Pad Ready. 106,000 SF Phase I Plans & Pad Ready. Marana approved “design and development package.” The DPP includes site, grading, zoning, legal, and civil construction. Soils reports complete and approved by Marana. Phase I Environmental Assessment – CLEAN. Floodplain LOMR accepted by FEMA and Marana – LAND NOT IN FLOODPLAIN. Traffic, archeological and all other requited studies approved. Trenches for utilities opened, ready for installation & backfill. General Contractor agreed guaranteed maximum price for construction and design. Plans are approved to start construction. Town of Marana approved plans, ready to pull permits.

Land value = $6,480,000. The land value does not reflect all of the money we have spent on site work – the appraisal states we have spent $1,390,000 which was the number in our second to last pay application from the contractor, while the last pay application that was submitted to the appraiser showed that we have spent $1,625,000. It also does not reflect the $1,000,000 we have spent on architectural and engineering plans for the infrastructure and Phase I buildings – which are currently, approved by the Town of Marana, and ready to pull permits. The value would be higher to a buyer purchasing our site for the same  purpose.

Value at completion of construction  or as a pure Landlord = $43,500,000. This value does not include value for the empty pads or the infrastructure we will complete for the empty pads, and it also does not include $1,871,000 of cultivation equipment that is part of our budget. It assumes that equipment is not yet in the building, so again, it would be worth more to someone buying  it for the same purpose if  the equipment was in place, or would command higher rent if rented with the equipment in place. It also does not include value for cultivation revenues.

Business Enterprise Value = $66MM to $77MM. This analysis is only the valuation for the cultivation revenues plus some value for the surplus land we will develop for later phases. It does not include value as a Landlord – i.e. it does not factor in the value of the income from the Dispensary lease and does not account for rent being paid from the cultivator to the landlord. If the landlord and cultivator are the same ownership group, as we are proposing, either the EBITDA would be higher and the corresponding enterprise value would be higher, or you would have to add the Landlord value and the Enterprise value. In either case, the combined value of the land ownership and cultivation operation would be in excess of $100MM.

Attachments
Contact Listing Owner
Cannabis & Hemp Banking
You May Also Like