Medical Office Investment

[Christian Decker]

Investment Info:

Office Space commercial investment investment in Everett.

Purchase price: $2,500,000
Cash invested: $1,250,000

Invested with partner 50/50. Building was 70% vacant by the end of 2019. Spent 2020 releasing and capital improvements. At this time, only 1 suite left to lease, should have it leased by summer and ready to refinance.

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

Purchased at a 10% CAP rate at existing rents (knowing the building would be vacant). We could hold and release in our own timeline and should be able to refinance the purchase price out.

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

MLS, had been on the MLS for quite a while.

How did you finance this deal?

Cash

How did you add value to the deal?

Re-Leased the building

Lessons learned? Challenges?

Commercial just takes time.

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

I am a commercial agent that leased the property.