All Forum Posts by: Michael Cole

What about a hydroponics business.....does anyone have experience with this?

It’s a thought that crossed my mind but this space is set up to be more utilitarian/warehouse IMO versus a resident space. Currently there are no windows and strangely enough the parking deck is partially over this area so Im not sure if noise or water could be an issue.

I def do agree if the construction costs are not insane it the bump in NOI +refi would most surely pay for itself.

I recently purchased a 16 unit beautiful apt complex. I’m currently renovating the whole building and things are going well. The building used to be a YMCA and it has an empty swimming pool. The room is about 1500 Sq Ft.......I plan to fill in this pool and make use of the space. My dilemma is what is the best use of this space? I’m thinking storage to other biz or general public as the best options (would be climate controlled) or possibly a crossfit gym. Thoughts???

I took money out of my 401k and bought a duplex and did really well with it. Although I had 7-8 years RE experience under my belt by then. As a newby I wouldn’t make the same move.

@Elise Bickel Tauber do you think cap rates are 6-8 in Cory? I was thinking more like high 8’s to low 9’s?

Either way I’m  very bullish on the area long term for several reasons.

@David Smith why do you say that?

Pitts has a stable eds/meds economy with the tech sector now starting to really take off. There has been some appreciation in Pitts but nothing like the rapid rise in most east/west coast cities.

@Jeremy Taggart yup i see a lot of upside in these areas. Shoot me a DM.

Thanks

Mike

@Jeremy Taggart thanks for the insights. Most of downtown/adjacent neighborhoods are priced out for investors (see central nside/lawrencville/shadyside) 

I think a lot of these neighborhoods that are 15-30 minute drives into the city will continue to see upward growth.

Looking the Pittsburgh metro area. Any sense on cap rates range for this area? Anything specific on Coraopolis?