All Forum Posts by: Tim Bishman

Hi Jon.  Yeah, sorry that 10 unit sold.   As far as a plumber goes, you can try my guy - JEM Plumbing.   I know he is swamped and is easily a few weeks out for big stuff but if you have toilet, hot water tank issues they might be able to get out and check it earlier.  JEM Plumbing 330-575-7284.

Well maintained apartment complex. 14 - 1 bedroom apartments, 1 - 2 bedroom apartment and 1 efficiency. Close to shopping. Same owner for last 35 years. Roof is less than 5 years old. Built in 1965/1970. Long term tenants. List price is $750,000. 2017 NOI is $65,092.06. Contact me for more info.

These actually aren't that bad.  Located somewhat close to the HOF.  I think as the HOF expands the commercial business up and donw Fulton will increase the property value of these units down the road.  Each unit has own furnace and hot water tank.    Address is 2006 Fulton Rd.

Address is 1307-1313 South Main St.,   North Canton

Matt-

I don't have my work laptop with me tonight at home.   I have all my numbers on it.  When I get into the office tomorow I will email you some numbers to munch on.

Tim

10 unit multifamily avialable in Canton, Ohio.   Close to the Pro Football Hall of Fame.  Secure entry.  Laundry on site.  Carport.   List price $422,500  10% Cap

Tim Bishman

CBRE

Two 6-unit buildings for sale.  Secure entry.   Laundry on site.  12% Cap  List price $422,000

36 unit apartment complex located in North Canton, Ohio.  3 buildings.  24 2-units.  12 1-units.  Secure entry.  Each building has coin operated laundry room.   Each 2 bedroom  unit has access to a single unit garage with electric opener.   Each 1-unit pays an additional $50.   List Price is $2,200,000.  9% cap.

@Terry Smith The older the building the more likely you will find building defects or the more likely you will experience them sooner than later.   On buildings like this its important to do your due diligence on the building condition and inspections.   Ask the owner to hand over all info on all repairs and updates they have done since owning it.  Have them fill out a detailed property report.  Make sure to review the current leases of all tenants.  Lawyers and CPA's are typically great tenants.   When considering buying a commercial investment property like this with existing tenants always request estoppels as part of your due diligence.  If you are not happy with the number of years remaining on the leases, you can make your purchase contract contingent on tenants extending their leases.   Always a good idea to have a personal guarantee as part of the lease.   After all of this and the numbers add up to your liking....  Pull the trigger.  Hope this helps.

@Terry Smith you mentioned it is a historic building. Is the building registered with your state historic society? Might want to check into that. If it is, the historic society (or what ever your state equivalent is) might dictate what you can and can't do with the building. I am currently involved with a major redevelopment of a large project here in Ohio. The building is a registered state historical building. There are many restrictions on what future tenants can and cant do. There were many costly corrections the developer had to do before we could move forward on leasing. A lot of money was spent on things that they wont see any ROI on. Just a thought. Good luck.

- Tim