Wholesaler / Seller for Commercial Properties: 5 Units and above

[Siddharth Shastri]

Hi All, 

I'm looking for fixer-upper / rehab commercial properties (5 Units and above) anywhere in the US. It'll be great to know if there are any Wholesalers or other investors in the forum that are interested in offloading a few properties. Price range is between $10k - $25k per door.

Best,

Sid

[David Alvarado]

Buying fee simple performing properties at those prices will be difficult unless you go in to towns that are extremely tertiary, even then I'd be surprised to see pricing around that. I will say, if you don't mind going in to some of the rougher areas of Baltimore and Hagerstown, MD you may be able to find distressed product around that price point, but I'd plan to be in around at least $30k to $35k after some rehab. 

Additionally, I spoke with a broker last week about multifamily trends in the canton, OH and the surrounding area and he said trends show average price points around $35k-$40k for market properties, so maybe you can find distressed product around $25k a door? Average rents in Canton are in the $500/mo range. Look in the middle of the country at secondary and tertiary markets with stable and growing economies that are relatively diverse and not at the mercy of one large corporation. 

You may want to consider buying Non performing notes secured by multifamily, but I'd plan a heavy capex program to stabilize and be prepared to dispel any negative press as negative past tenant reviews can be detrimental to stabilization. 

$10k-$25k per unit is more conducive with mobile home parks, which may be something to consider also.