Office Space commercial investment investment in Edmonds.
Purchase price: $2,500,000
Waterview Office Building. Value add property, rents are at about half of market and needs significant capital projects. A+ location, long term play. Off market purchase.
What made you interested in investing in this type of deal?
A+ location and value add project
How did you find this deal and how did you negotiate it?
Called owner from a craigslist add for an office space to lease. Talked to him and he agreed to look at a offer. We negotiated through a commercial PSA that I represented myself (since I am both a Commercial Real Estate Agent and Investor).
How did you finance this deal?
How did you add value to the deal?
This will be a long term releasing deal. Tenants have 2-3 years left on leases. At that time they will be brought back up to market.
What was the outcome?
Cash flowing property and home office.
Lessons learned? Challenges?
Always get estoples from tenants!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Myself! I am a Commercial Real Estate Agent that focuses on investments!
Very cool! Congratulations
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