Rochester, NY · Member since 2017 · 24 posts · 8 votes
Hey everybody, I'm looking into a Commercial property right now that has a
-12 unit apartment building
-parking lot with 50-60 spots
-4 garages
-a church that can hold 350 people
-a small school w/ cafeteria
-an office building attached to school
-1 vacant duplex
-1 vacant single family home
I believe the apartment building right is fully rented. But everything else vacant.
However my real question is what are some things I need to know/questions I need to ask before I know if this is a good deal. I have a couple people I know would be interested in investing but before J start raising capital wanted to know whether this is a good deal or not. I plan to meet with the broker soon but want to be as prepared as possible so I dont sound like an idiot.
They're asking for $1.2M, I'm not sure of the current cap rate. Over 49000 sq ft.
I've never done a deal on a commercial property before so I'm trying to get as much education as I can. Please help, Thanks
Hey everybody, I'm looking into a Commercial property right now that has a
-12 unit apartment building
-parking lot with 50-60 spots
-4 garages
-a church that can hold 350 people
-a small school w/ cafeteria
-an office building attached to school
-1 vacant duplex
-1 vacant single family home
I believe the apartment building right is fully rented. But everything else vacant.
However my real question is what are some things I need to know/questions I need to ask before I know if this is a good deal. I have a couple people I know would be interested in investing but before J start raising capital wanted to know whether this is a good deal or not. I plan to meet with the broker soon but want to be as prepared as possible so I dont sound like an idiot.
They're asking for $1.2M, I'm not sure of the current cap rate. Over 49000 sq ft.
I've never done a deal on a commercial property before so I'm trying to get as much education as I can. Please help, Thanks
You have a lot going on here. It will be nearly impossible to advise you with the limited info provided and through a few posts here.
First question is can you qualify for a $1million loan and or raise the capital?
Real Estate Consultant · USA · Member since 2014 · 1k+ posts · 751 votes
6y
@Jacob Rivera The challenge I see is that you have to market to so many different groups. You won't have many renters for a church, or a school, or a garage, etc.
Rochester, NY · Member since 2017 · 24 posts · 8 votes
6y
@Jim Pellerin
I already know someone who would rent the church....the school would be a challenge, though the previous buyer had plans for the school before the deal fell thru