Commercial Real Estate Investing

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Adam Craig
  • Investor
  • Cleveland, OH
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600
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UNDER CONTRACT on first office building - couple questions

Adam Craig
  • Investor
  • Cleveland, OH
Posted Aug 6 2019, 10:04

I finally made the jump from residential to commercial.

I am under contact on a hold historic home converted into a 5 unit office building near a popular trendy/quaint down town area. Its walking distance to all the trendy restaurants and coffee shops. Purchase price 275K - seller is carrying 55K and the rest is financed through 2 of my private lenders and I will bring some cash also. Plan is to do carpet/paint type rehab, lease it, then refinance.

I am going to use 15% of the building as my office and lease out the rest. 4 of the units are small-ish so they are pretty strait forward. The question I have is on the bigger unit which was used for a small/medium sized law firm. It has 4 offices, reception area, bathroom and storage area. To be honest this is the space that scares and confuses me. Do I try and break up the space into 2 smaller spaces because I know the large the space the harder it is to rent.

Since this is my first go around leasing office space would it make sense to contact a commercial agent/broker and get some ideas or have them help lease it? Picture of the common area in the bug unit is below...

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