How do I do a retail deal in upstate NY? Somebody, anybody..??
Hey everybody!
This evening I talked with a motivated seller who has a strip of retail space in a suburb of NY (Peekskill, NY) with very decent cash flows.
Ice Cream Store- $2,100 BTCF
Diner - $3,600 BTCF
Grocery Store - Not currently rented and used by the owner to generate cash flow for himself. He runs the store but seller attests it could be rented for 5-6K.
Current mortgage - approx 700,000 with payments of $5,500. The tenants pay water and electric.
I do not have experience with retail nor have I done any retail deals. I am looking for a mentor or someone who I could partner with on the deal.Can anyone point me in the right direction of anyone (whether mentor, attorney, broker, investor, etc) in the NY market that might be worth chatting with to navigate this deal and possibly partner with??
Does anyone have experience on how to evaluate a retail commercial deal. Should I go for a Master Lease agreement, 80/10/10 with 10% seller second, wholesale or something else??
I welcome any feedback in advance and would be glad to send over any particular details and to share updates as I speak with the seller further. Thanks!
-hoping to close first commercial deal...