25k SF Commercial Property

[Gary Tucker]

Investment Info:

Other commercial investment

3 story, 25k SF commercial building with freight elevator and 2 first floor retail/office spaces on main highway. Currently in renovation.

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

Off-market property in same block as current commercial property. This building has potential to have multiple revenue streams from storage, apartments, retail, or office space. I have already had offers for storage and office rental.

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

I had talked with the building owner before about their plans when they purchased it years prior. Because the building needed so much work I felt the owner would sell for something above their purchase price.

How did you finance this deal?

This project is low purchase-high repair so it was a cash sale. When first floor is leased I will tap into equity with a cash out refi.

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

I'm and MLO so pretty biased towards my company for financing. I will suggest though to find reputable contractors. One overlooked step in demo is finding junk haul company that is reliable with drop-off and pick-up.