Triple Net in Key West

[Michael Behmke]

Investment Info:

Office Space commercial investment investment in Key West.

Purchase price: $1,450,000
Cash invested: $1,450,000

Great conch classic located one hundred steps away from Mile Marker Zero. Currently leased to our Keller Williams Franchise and in one of the higher locations on the island (yes, a big deal). We get the office space, centrally located in Old Town Key West, and own a historical gem at the same time.

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

We wanted to own our business space so we were not kicked out by others or rising rents.

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

Commercial is interesting to say the least in Key West. My wife secured this lead while sitting in the salon chair with the owner getting his nails done two chairs over. The owner was a husband to another real estate agent on island and apparently getting a divorce. Our ability to close quietly was Seller's main concern. We allowed a lease back to his law firm for a year while we organized our new business venture to occupy.

How did you finance this deal?

Commercial loan through the regional bank. We had to bring our other business bank account over to complete the deal which was no issue.

What was the outcome?

We paid off the loan and enjoy a sizable monthly income. The loan payoff was strategic as the windstorm insurance become overbearing and any loan needs that coverage. Now we sell insure and keep our higher loan limits in states where insurance is not so pricey.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Absolutely, The Behmke Group (us)