Bank Building Deal

[Paul DeBoer]

I am new to the commercial real estate investing. There is a commercial property for sale in my home town in the downtown Zeeland MI. It is been burning in my brain to try and put together a JV to purchase it and hold it for a the course of the terms to build equity in the property. The property is for sale for $4.15 million. Upside is there is a strong tenant leasing the entire property. The downside is the lease is below market rate and the JV would be locked in at $19,500 on a triple net lease until 2030. The renewals are every 5 year with rent increase at 10%, and then 5% following next renewals. My goal would be to create a sellers financing on the deal that puts lets say $ 1 million in his pocket and a continued payment of like 80% and scale it back as we are paying him off. I am thinking something like 80% of rent, then 75%, 70% decreasing by 5% every rate renewal until we hit the price agreed upon. Here is a link to the offering memorandum. I am looking for some advice and someone to coach me up in the commercial sector.