Updated over 4 years ago on . Most recent reply
- Residential Real Estate Investor
- Kansas City, MO
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Our second retail "strip mall" - Grandview, MO
Our second "strip mall." Yes, it's only 5200 sq. ft., but it's still a strip mall and once again, buying strip malls makes me feel much more awesome.
This one is three units, two-leased for total of $2000/month and the third is 2800 sq. ft. restaurant with quite the bar set up. Also a likely tenant lined up as she had been waiting to lease until the work was finished but the seller got tied up with the city (get your permits people!) We still need to vet the potential tenant and I know restaurants are tough, but we can always switch it to retail or office space if need be.
Purchase price was $246K. It needs over $100k (roof, one HVAC unit, electrical, paint, etc.) but should bring in $5000/month when fully leased up. It's in Grandview, MO on the main commercial stretch (albeit near the end of it). It's fun moving into new niches (although something you should do with great caution as mistakes are much more likely).
Should be an exciting project though!
