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Updated about 4 years ago, 11/05/2020
Off Market 15 Unit Strip Mall with Restaurant - NEED GUIDANCE
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!