All Forum Posts by: Div Bhingradia

@Joel Owens is there a good time we can connect? I will send you my contact detail.

@Joel Owens thank you for your response! The center is broken into two buildings and in a straight line. It shares the same parking lot with the cinema (regional cinema). They just built a courtyard and Hampton inn right in front. The traffic count is low but the center does have some national chain like Subway. Not the strongest tenant mix but do you think if we pick it up at a good deal it is worth it? We spoke with the bank they just want what is owed on the property. They have not advertised this auction anywhere except the local newspaper; no where on the internet.

Let me know what you guys think.

Hello,

Need some guidance here for an auction property we are looking.

About us:

-3 partners, none have experience in real estate (we have other businesses we run)

- we have enough capital for down, operating and some reserve

-interested in passive income

About property:

-2005 built and property in very good condition (minimal repairs needed after take over)

-auction (foreclosed by bank)

-title search came up clean

-tax assessed value at 2.7mil

-amount owed to bank is 1.6mil (we believe this will be starting bid).

-large 24k building, 14 suites, 10 suites are rented. Out of the 10 suites, there are a total of 8 different tenants.

-no financial data available but we think the rent will be $10/sq ft annual + 2.75 cam.

-10k daily car count passing the center

-near cinema and off a major interstate

Our concerns:

-shopping center has a history of shops coming and going, never been 100% full.

-current owners (4 in total) all abandoned the property few months ago, bank was going into suit with them but trying to recoup from auction first. No other money is owed on property.

-households in 1mile is 2k, 3mile is 11k, 5mile is 18k. Daily count is about 10k.

IS THIS A GOOD DEAL??