Commerical Broker in Cincinnati?

[Daniel Ahern]

Hi All,

I've got a potentially very strong deal with a distressed commercial property in Cincinnati. 

The property is over 100K sq feet of space - mostly vacant.

I'm looking for referrals for an experienced commercial broker in that area.  I'm trying to figure out if I do a large reno (~$1m) on the commercial property, will I be able to lease it out. 

The property is in poor shape and only 15% occupied at the moment by a single tenant.     It is a strong tenant and contracted to be there thru the end of 2017.

The real question here is... how challenging, expensive, and time consuming will it be to get the property leased - if I invest heavily in the reno.  Even at 50% occupation, it starts looking strong.  At 75% or more, it's a cash machine.  If the prospects for getting it leased prove risk worthy, the broker I'm asking opinions for now will very likely have nice prospective opportunity.

Any thoughts/ideas would be hugely appreciated,

Daniel

[Joe Doxsey]

@Daniel Ahern I am a commercial broker specializing in investment properties in the Cincinnati area.  Thanks for the poke @Nick L.  

Can you give me the address and some additional information on the property (type, what issues exist/cost to fix/rehab plan)?  

This question is highly dependent on the area, the property type, and the reno cost.  I'd be more than happy to take a look at this though and let  you know if it makes any sense or not. 

You generally wouldn't expect 15% occupancy anywhere in our market on any type obviously, but we do consistently see that on distressed assets, perhaps mostly on industrial types that are out of code and tenants can't get CO's for without either the owner or tenant spending significant sums of money on rehab/environmental.  Sometimes that is worth doing, sometimes not.

Like most areas we are seeing a lot of inner city and first ring development as well.  A lot of people are choosing to not invest in low occupancy and obsolete properties and hold them as a future development option.  This may or may not be something going on with the property you mention, where its natural use is unfortunately to sit at low occupancy and minimal cost for a few years in the hopes its worth spending some major money on in the future.

Let me know how I can help,

Joe