Just make sure you buy right and bake in a very conservative underwriting. 

Hi everyone, I'm freshly into the wholesaling game in the Traverse City, MI area.

This might be a "start fresh" opportunity with a new tenant.

The house was freshly painted before they moved in.

The 80,750-SF grocery-anchored neighborhood center, which traded at a 6.5% cap rate and was 92% occupied, has had The Fresh Market as its anchor tenant for the past 12 years.Higher up the pricing spectrum, unanchored and open-air shopping centers may see cap rates above 7% and occasionally push into the 8% to 9% range as specific market and quality factors influence each transaction.In the open-air shopping center segment, Nuveen sold the 1 MSF Fayette Pavilion to 5Rivers CRE, a private buyer from Houston, for $134 million, or $128/SF.

Comparatively, trailing 12-month sales volume peaked in the second quarter of 2022 at $140 billion, but has since fallen close to 60% from the recent highs.This slowdown highlights the lingering impacts of rising interest rates and the commensurate uncertainty around asset pricing as rent growth has begun to decelerate.However, private capital remains at the forefront of buying activity, fueled by a steady tide of fresh entrants to the sector and existing operators' efforts to beef up their portfolios.

Did the developer bake in TI's in exchange for the tenant to agree to above market rent? 

I've been toying with the idea of scrapping the building and starting fresh, creating a six-story building with at least six units, one per floor to rent out.

I just dont think you baked in contingencies to the master plan.

Don't let a fresh coat of paint and new carpet fool you.