Partner Needed for Large Rehab

[Ben Wilkins]

Good evening all,

I have a property in York, PA. It is a historic building on the main street, and used to be the YWCA. The building is close to 20k sq feet, has a gym, an old indoor swimming pool, catering kitchen, and some beautiful conference / class rooms.

Asking price is $180k, which is close to warehouse prices - for a downtown building.

Four of us are planning to purchase the property. Two of us have been business partners for over a year and own several buildings already. The other two bring other bonuses to our party.

Plan:

Rehab the building and run as a wedding / event venue. We were originally looking for a different reason, but the building is laid out for something along these lines. One of the partners is a chef and would be interested in running a catering business out of the building as well.

Reason for needing a partner:

I've walked through the building several times now, and it's massive. I'm still finding rooms that I didn't see the first time through. On top of that, it needs a lot of work. Electrical, mechanical, etc. The roof leaked before the current owner, and there is water damage. Some of the rooms need paint, while others need drywall, mold-removal, etc. 

We need someone with deeper pockets than what we have, to join up as a backer for the rehab. My initial estimate is upwards of $300k-$400k for full rehab.

Comps:

There aren't many in the surrounding area. A wedding venue is currently selling for $950k, and other downtown buildings of this size (fully renovated) are selling for $750k.

Exit Plan:

Refinance / sell the property once rehabbed, or stay as a business partner for percentage of income.

If anyone is interested, please reach out to me.