Downtown Macon, Ga office space (first commercial purchase)

[Michael Bradshaw]

Investment Info:

Office Space buy & hold investment.

Purchase price: $120,000
Cash invested: $30,000

Purchased and turned into our office for 4 companies. Remodeling (2) 1 bedroom studio spaces on site. We love this space!

What made you interested in investing in this type of deal?

We got displaced at our offices and were forced to move, we're thankful for a great RE for sharing this opportunity with us.

How did you find this deal and how did you negotiate it?

Stated the number and didn't move. It was on the market for a very long time.

How did you finance this deal?

1031 T/E

How did you add value to the deal?

Total remodeled the space, added some walls for additional privacy.

What was the outcome?

It's a great property with lots of equity.

Lessons learned? Challenges?

One challenge is we'd like to add two more units on site but will be very expensive due to drain waist pipe requirements, sprinkler system and possibly resistance with the historic preservation club.