Thoughts? Mixed Use Commercial Property Conundrum...

[Chris Gossett]

True to my nature, I tend to swing for the fences and have hit several deals out of the park, while also striking out on others. I’m new to Bigger Pockets and it’s really given me some insight into many different investing avenues.

With this said, I need advice....

Two years ago, I purchased a small self-storage facility (35 Units; 1 office; 1 Warehouse (3,500 SF) and was able to obtain financing from the seller and ‘commercial hacked’ the property by converting some of the storage units into three (3) 1/1 Efficiency Apartments, with the ability to add more in the future, and added Climate Control units within the main warehouse area.

Purchase Price: $248,000

Financing: 15 Year @ 4% fixed

We have doubled the income with future potential of increasing income by another $2,000 using the existing structures in place. Current monthly cash flow is $2,000/month at 100% occupancy.

The Equity is there to access; however, I am hesitant to REFI and lose out on the interest rate that we currently have locked in. I also am hesitant to 1031 the property into the current market of Exorbitant prices....

What would you do?