Updated about 9 years ago on . Most recent reply
Selling Detached Garage from Commercial Property
I recently purchased a building that has the 1st floor as a retail space and the 2nd floor as (2) apartments. In the rear of the building there is a detached 4 car garage. The tenant that is renting the garage currently is interested in purchasing the garage.
How would I go about dividing the property in order to sell the tenant the garage?
The income from the garage is $150/month, the other units bring in $1800 total. The proceeds from the sale of the garage will accelerate my timeline to purchase another apartment complex. I will miss the $150 cash flow, but would much rather be able to add another property to my portfolio.