Mixed Use Residential & Commercial Building For Sale
Investment Info:
Small multi-family (2-4 units) commercial investment investment in Grand Rapids.
Purchase price: $120,000
Cash invested: $400,000
Sale price: $300,000
5,000 SQFT 2 Story Historic Brick Building. 2 Apartment newly renovated. 1 Gift Shop, 1 Restaurant w/ Bar, 1 Office area, All Restaurant and Equipment included plus tables and POS system. This is honestly a steal. I have another career and do not have the time to run it.
What made you interested in investing in this type of deal?
My children I wanted to be close to them then they moved.
How did you find this deal and how did you negotiate it?
Popes Realty I bout 4 properties this was one of them.
How did you finance this deal?
1031 exchange and loans.
How did you add value to the deal?
I put my personal money and loans into it for the renovations and equipment.
What was the outcome?
It was a family venture and the family fell apart. My loss your gain.
Lessons learned? Challenges?
Don't go into business with family.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Popes Realty Thomasville Alabama
