I am a new investor who is partnering with my father to buy our second commercial property. We are looking for referrals for knowledgeable commercial agents in the New York area. We are focusing mostly in Orange, Putnam, and Dutchess counties but are open to other areas as well as a few in PA. As such, we would strongly prefer an agent who focuses on this area as well instead of the NYC area.
We have looked at about a dozen properties on our own already but really could use the added expertise an agent would offer. We are mostly interested in mixed use buildings centrally located on a main street.
We currently have a property we are interested in listed at $1,650,000 at an 8 cap however it is completely filled with mom and pop doctor's offices with varying leases including two being NNN which very far outside our expertise.
If anyone knows where to find a good agent that can help us find a deal within the year but also help us grow I would greatly appreciate it!
8 cap is irrelevant. Look at current market rents per ft compared to those tenants individual box unit space size. Are in place rents at, below, or above market?
Look at any CAM leakage with the leases that can affect NOI, any association back dues or special assessments coming for roads, etc.
Just tons of stuff and 1 million deal is like 100k house in residential. Experienced brokers would not put in the time on a small deal like that because of deeper due diligence needed with mom and pop versus national tenants and thousands of pages to review. Check with Encore they might know someone up that way.
Thats a tiny deal, I also would not expect to find any agent who crosses borders and has such a large area and does small properties. They won't be good and will charge 6-8%...