Office Building in Moses Lake, WA

[Sherri Kasparek]

Investment Info:

Office Space commercial investment investment.

Purchase price: $325,000
Cash invested: $65,000

Purchase involving converted office space that was formerly a gas station. Completed Phase 1 & Phase 2 Environmental Studies to determine any underground contaminants.

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

Location. Business needs. Parking. Curb Appeal.

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

I was the current tenant. Owners gave me first option to purchase it.

How did you finance this deal?

Started with an SBA loan and length of time involved in Phase 1 & 2 Environmental studies had saved enough down payment for 20% down and a regular commercial loan.

Lessons learned? Challenges?

Finding environmental contractor to come to our area. Don't necessarily go with firms that bank finds. In our case, they listed two California companies and we ended up finding a company about 2 hours away which saved us thousands of dollars.

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

We used Umpqua Bank for financing. The loan fees were reasonable, we got a desktop appraisal instead of a full blown appraisal which saved us about $3500.