All Forum Posts by: Justin Thiesse

Has anyone converted a 4 bay or similar car wash into a retail space? I have a great opportunity to buy a 4 bay car wash that I imagine filling in the door openings with glass and a commercial door. The building is made of a decorative block and in a great location. The self serve car washes are becoming obsolete in my area. This seems like such a great building to tear down and it has sewer and water already. Any info would be appreciated.

I am looking for more investment property, everything is a 7 to 8% cap rate. With interest going up. I can’t believe cap rates aren’t higher. Any thoughts??

I believe there will be more storage units built in the area, I keep leaning toward a business sweet condo development. Where there are 6 to 10 units in a row that are 40 wide and 60 deep with a small office and bathroom. There is a lot of demand for these from people in the service industry. Example: Plumbers, painters, electricians. These would need to be built. These would rent for $1200 to $1500 a month with long term renters.

I appreciate the advice. I kinda think like your banker, in a recession people would stop paying on a storage unit

I am looking at a 160 unit storage unit complex. What should be the cap rate be? I figured 10% What are the occupancy rates should I figure? I used 85% but not sure how much turn over there is in storage units. I currently own apartments and I am a little scared of chasing 160 Rents that range from $70 to $200 a month. Any advice or thoughts would be appreciated. I do believe these units to be in a great location. Not behind a current business or in the middle of nowhere like most.