Commercial Office building in Wa State

[Robert Freeborn]

Hi Everyone.  I think this is the right place in the marketplace for this. 

There is a particular property on the MLS in WA state that I've been looking at for the past month.

It is a 5,664 sf building.  Mechanics type shop in the back with 3 phase power.  Tenant there pays for the 3 phase and an office, and makes up the bulk of the rent.  Rest of the building is made of office space with various renters in them.  All have leases in place now (some are new leases.)

Gross rent $7375.  Water: $84. Sewer: $80/mo. $135/mo power avg, $138/mo Internet (Wave), Waste management is $88/mo, $154.07 Propane/mo (averages to lower, but can get this high during winter.)

Asking price is $789,000.  Works out to about a 6.3 cap rate.  

Here's the kicker, and there are two of them. 

1) Back of the property is fenced in and is large enough, and could easily be made secure, for mid-to-long term covered car storage.  I estimate 10-15 spots could be put up, with monthly storage between $65 and $80 a month. Depending on layout, we might be able to fit an RV or two for increased rent, or just more car spots. So that would be, on the conservative end, an extra $650 a month in rent, or $7,800 a year in extra rent.  

2) Owner is willing to owner finance up to 30% at 6% interest only for 3 years.  

I've been trying to finance this deal, with no success.  The numbers are there, but I don't have 1) the commercial property history and 2) the cash reserves (my money is tied up in 2 flips right now) to take advantage of it.  

I would LOVE to partner with someone on this, OR find a lender that will end on it, OR be someone's agent for them to buy it.  

Any help, introductions, or comments are welcome!  Thanks!