Lakewood Multi-Tenant Office Bldg Investment

[Alexander Scott]

Investment Info:

Multi-Tenant Office Bldg Investment

Purchase price: $2,600,000

Cash invested: $2,600,000

Lakewood Multi-Tenant Office Bldg

Building: 56,413 SF
Lot: 1.57 Acres
Taxes: $33,106 (2017)
YOC: 1972
Occupancy: 45%
Ave. Rent/SF: $10.41/FSG
Sale Price: $2,800,000
Purchase Price: $2,600,000
NOI: $101,016 (Anually)
Cap Rate: 3.89%

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

This was an in house deal where 3 Fuller Real Estate Brokers listed this Office Property for the seller and I represented the buyer for the deal.

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

Cold Calling persistence. I really enjoy figuring out what investors are looking for and matching them with the right investment. I cold called the buyer for this deal and after putting several deals in front of him we finally struck gold with this Office Investment that offered plenty of upside potential.

How did you finance this deal?

This deal was an all cash deal.

How did you add value to the deal?

I feel my ability to figure out what a certain investor is looking for is where I gained success in this deal. The buyer was a local investor that really liked deals that provided him with upside and this happened to be a perfect fit.

What was the outcome?

By closing we had two sellers who were happy to make a return on their investment and a buyer who gained a great long-term hold Office building with plenty of upside.

Lessons learned? Challenges?

The biggest takeaway from this deal was understanding what your clients want. If you can really listen to what peoples needs are you can likely find a deal that works for them.

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

Another Alex and Mike deal.