Garage Den in Centennial CO

[Nadir M.]

Investment Info:

Other commercial investment investment.

Purchase price: $620,000
Cash invested: $425,000

Initial investor of the Garage Den in Centennial CO. Open April of 2024. I was one of the four original investor to raise capitol to get the loan for construction. Very excited about these. Ventured outside of my niche and hopeful of the future opportunities. Check out the site for more details: https://thegarageden.com/

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

Great opportunity to own a one of a kind luxury Garage Condo located right across the Broncos Training Facility. Great need for this type of investment. Business owners looking for storage or car fanatic looking to securely store their "toys"

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

One of my good friends asked me to join. I did not hesitate and was very appreciative of the opportunity.

How did you finance this deal?

I cash out refi all of my single family investments during the times when rates were at their lowest. So I was able to get the cash that I needed while refinancing all of my investment properties at a low rate for 30 year terms.

How did you add value to the deal?

New build...i was able to add value by choosing to build a mezzanine to increase sqr footage.

What was the outcome?

Will get first unit in April 2024 and second unit in December of 2024.

Lessons learned? Challenges?

Challenges was with city of centennial. We were suppose to have all our units by Summer of 2023. Pulled through and shortly will be able to occupy.

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

I did not. Being a Broker myself, if I plan to sell, i will do the selling myself.