Abandoned Former Gas Station
Investment Info:
Other commercial investment investment in Pineville.
Purchase price: $1,800
Adjacent to VA Hospital and Forestry Service, (corner of Rigolette and Shreveport Hwy), this commercial lot is a great opportunity for billboards, food truck or convenience store – easily accessible to 1600+ Federal employees, not to mention hundreds of daily visitors! Once bridge is opened, traffic through area will likely increase.
What made you interested in investing in this type of deal?
Proximity to large hospital and potential for numerous small business enterprises.
How did you find this deal and how did you negotiate it?
Noticed it was abandoned, researched courthouse records, determined it was adjudicated to the Parish for non-payment of taxes, submitted purchase request to the Police Jury for amount of back taxes, made required notifications by mail and newspaper, waiting mandatory days for owner to redeem, and when redemption period expired, closing occurred at Police Jury Office. That’s the simplified version :)
How did you finance this deal?
Cash.
What was the outcome?
Appraised value of property is $29,000.
Lessons learned? Challenges?
Only purchase adjudicated property if you aren’t crunched for time... it took roughly 2 years for purchase to be completed.
