Four Bay Office / Shop units

[Brett Spence]

Investment Info:

Office Space commercial investment investment.

Purchase price: $580,000
Cash invested: $145,000

4 bay commerical building with offices, shop areas with 14' garage floors. 8400 sqft total

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

Idaho Falls has a large need for this kind of commercial and I bought my land cheap and 3 years later it tripled in value so the bank gave me the appraised value towards my down payment.

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

I built it myself. Used my land I owned as 70% of mt down and paid the rest down.

How did you finance this deal?

Local bank

How did you add value to the deal?

My land tripled and I did the build out and plumbing and heating.

What was the outcome?

Each unit brings in $1500 month and 2 units pay the mortgage. Other 2 play taxes abs insurance and pay down the loan. Should be payed off in 8 years

Lessons learned? Challenges?

Went pretty smooth

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

Yes Teton Steel of Rigby Idaho was awsome they did the steel erection which in these type of buildings is about all there is.