Updated almost 11 years ago on . Most recent reply
Hypothetical Transaction
I new to commercial property and I haven't yet begun investing in commercial real estate, though I do invest in multi family residential properties. Lets look a property for sale and let me know what your thoughts are. I don't intend to buy this because all my money is tied up purchasing a couple multi's..but I want to start learning.
Office condo, 40k. 3600 sf in a prime location down town. 1800/month condo fee includes all utilities and maintenance. Local rents are around between 10-15/sf..I'd say 12. Office is in great condition, good floors walls and ceilings, no work required. Good office space for almost any business type and this is what is predominately in the area.
How would you approach this deal...or would you run away? Divide and rent, rent it out as a big unit..other thoughts?
Most Popular Reply
@Eric Bowlin Hey Eric, there are currently ~10 office for condos within 3 miles from my house for sale. All are vacant, have been for a long time, and the owners just got hammered with a new parking lot, bad septic system, and heavy competition. I do not "dislike" office condos per say but why not look for free standing lower priced properties?
Are you looking in MA/NH by any chance? I would talk to other owners in the building as 40K for 3600sq ft is an unreal deal even with what I wrote above.