Nickerson Corners A New opportunity For Small Business Owners
written by John Greene
Chatham has a very special business property offering coming on June 9, 2012. A unique game plan designed by Michael Mullaney, provides the road for entrepreneurs, both office and retail, to own their own unit for under a $900 per month payment. Here is how this is going to work. Mullaney has formulated a plan that involves the Nickerson Corners. Nickerson's is a mixed use property in Chatham and is currently undergoing a condo conversion.
Mullaney has decided to offer his 12 commercial units thru a special bid sale process thru The McLaughlin Real Estate Auction Group. With a starting bid of an absolute price of $99,000, Mullaney believes that this will ensure that the business owner will be able to move into Nickerson Corners easily and their monthly payment will be below $900 per month.Mullaney has lived on the Cape for 10 years and in the summer he runs Cape Cod Fly Fishing. Michael has been a member of the Harwich Chamber of Commerce and the Cape Cod Chamber of Commerce.
Michael says, "after living here for 10 years and talking to many local business owners it seems that the Cape is having a very hard time in attracting younger professionals. Keeping the young people here after graduation from high school and college, or to bring young types from the Boston area to the region has been a difficult task." "Commercial lending rates are the lowest I've seen in my lifetime." "I have a strategy in place that will take away the hurdles for these young professionals which inlcude; possible no money down loans, and startup funds to help business get a foothold." "We "can-do", and this is our attitude." Mullaney's vision for Nickerson Corner's is a business complex that works together in a new condo association. He says, "as the tide rises, all boats will be lifted".
The Boston Globe ran Hingham Savings Bank's advertisement on April 2, 2012, with current commercial interest rates at 4.375% with a 35 year amortization. "The timing could not be better" says Mullaney. Mullaney crunched the numbers and he figures " the financials break down like this". "With current commercial rates a mortgage payment comes out to a payment under $500 per month". "Condo association fees will be set at $290 monthly at Nickerson's. Real estate taxes forecasted for each unit are around $100 per month. This ensures a monthly payment of approximately under $900 per month."The units available are approximately 1000 square feet and come with 500 feet of storage in the basement, and 2 parking spots for the owners.
Nickerson Corners is an 85,000 square foot complex with a very nice quad area. Nickerson's has 90 parking spaces of which 44 will be designated to the new condo owners. Nickerson's is two stories. The top residential units will be offered at $199,000, and there is currently a show unit completed and ready for view. Mullaney originally grew up in Pennsylvania and graduated from St. Lawrence University.
He has rented retail space in the past. "For the past 20 years if I would have had the chance to actually own my rental space, these would have worked out better, because over time the normal rental payments turn into equity payments on your own mortgage, and over time this ends up to be a huge gain."Mullaney also feels the real estate upswing is in the near future, " I saw it happen on the Cape when Ronald Reagan became President and also saw the turn when Clinton came into office, markets do rebound and Chatham is a blue ribbon position."
"The Cape has been up and down, we just went thru the down, and now the up is on the way".The auction for the commercial units will be held on June 9, 2012. The company conducting the sale can be reached at re-auctions.com and they have a local connection with Peterson Realty in West Harwich at 508-432-1220. Michael Mullaney can be reached thru www.nickcornerschatham.com or by calling him at 508-208-2265.
John Burke at William Raveis Real Estate in downtown Chatham has handled many condomium sales in the past 20 years and really thinks this is a home run for a buyer.. " Why rent when you can own and build equity?". Burke is handling the marketing of the residential units and can be reached at any time at 508-245-2322 to schedule showings.
