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28
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7
Votes
Christian Ferreira
  • Rental Property Investor
  • Dunstable, MA
7
Votes |
28
Posts

Off Market 15 Unit Strip Mall with Restaurant - NEED GUIDANCE

Christian Ferreira
  • Rental Property Investor
  • Dunstable, MA
Posted Nov 3 2020, 08:25

Good Morning Biggerpockets!

I am fairly experienced in residential multifamily investing, done a few flips, own 10 rentals, 4 buildings. Recently through networking I was offered a off market 15 unit strip mall that has 8 retail storefront on level 1, and 6 office spaces on level 2. It also has a detached restaurant. At first I was thinking this is over my head and I was going to pass it up, but I told the seller I would run some numbers and let me know. He is selling because he wants to 1031 and needs the money for a 30 million dollar new construction project. 

The numbers below are not exact but a basic estimate off the information he quickly gave me, but from a quick glance it looks like a half way decent deal. 

Asking Price: $2,350,000

Retail storefronts rent: $1250-1800 monthly X 8

Office rents: $1200 monthly X 6

Restaurant: $4200 monthly

Taxes: $24,000 yearly

Gas and Electric Separated. 

Town Water and Sewer.

Built in 1987

I am looking for some expert advice about how I should proceed... Do you think I should find some private money to fund the down payment? Do you think I should find a partner for the entire deal... Where I manage and they purchase or pay the down payment? 

Thanks!

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