Madison Heights Restaurant deal

[Jacob Farrelly]

Investment Info:

Other commercial investment investment.

Purchase price: $250,000
Cash invested: $250,000

bought the building became a well known Mexicans restaurant in Madison heights, family ran it for about 15 years. did a 2 5 year options NNN with an option to buy the building for the new tenant. it came with another acre to the side with the same zoning B on the main road, estimated value of both is between 4-500k. My plan is to develop the lot into 3 units ranging between 12-1600 sqft with 1-2 drive thru, the sits next to a 4 story retirement center, B- in property class, With Neighborhood beh

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

It wasnt my choice it was a family deal.

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

Driving was out dated used it as a tactic

How did you finance this deal?

traditional business loan

How did you add value to the deal?

We squeezed a lot of profit over the 15 years operating the restaurant then leased it to a new tenant on a NNN lease which he is still on

What was the outcome?

so far so good

Lessons learned? Challenges?

ZONING is a B@#$%

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

Not yet