Mixed Use Property, Historic Building in North Wilmington

[Matt Lenza]

Investment Info:

Large multi-family (5+ units) commercial investment investment.

Purchase price: $840,000
Cash invested: $250,000

The Overlook
HISTORIC BUILDING AT PHILADELPHIA PIKE
AND COMMONWEALTH AVENUE, CLAYMONT, DELAWARE

A building with a rich history stands proudly at the entrance to Overlook Colony. Known as “The Overlook”, it has seen many changes since 1917 when constructed by General Chemical Company. Initially, the two-story building with a full basement was used as the community center for Overlook Colony and was placed at the main entrance just off of Philadelphia Pike.

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

A building with a rich history stands proudly at the entrance to Overlook Colony. Known as “The Overlook”, it has seen many changes since 1917 when constructed by General Chemical Company. Initially, the two-story building with a full basement was used as the community center for Overlook Colony and was placed at the main entrance just off of Philadelphia Pike.

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

Worked directly with the owner.

How did you finance this deal?

This went through a local credit union.

How did you add value to the deal?

Future rent rolls were improved by upgrading the units and bringing in new businesses to the area.

What was the outcome?

Helped the partner invest!! Win Win

Lessons learned? Challenges?

Just because the current numbers don't seem to work out to make a deal profitable you can with some CREATIVITY and SWEAT EQUITY make a deal work.

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

Yes, just feel free to ask.