Office Space commercial investment investment in Auburn.
Purchase price: $515,000
Cash invested: $103,000
Purchased two office condominium units in Downtown Auburn proximate to Toomer's Corner. There are a total of two tenants and was 100% occupied at the time of sale. This was an off-market transaction and was able to save the seller's money by not being represented by a realtor. I only recommend this approach if you are confident in the valuation. Expected Return on Investments is 10% over a 5- to 10-year holding period.
What made you interested in investing in this type of deal?
Office space is limited proximate Auburn University and the property has a great location with numerous bars and restaurants in direct proximity.
How did you find this deal and how did you negotiate it?
This was an off-market transaction and the owner's were approached about selling the property.
How did you finance this deal?
How did you add value to the deal?
The sellers had assigned parking spaces that they were personally using and the parking was allocated to the current tenants for an additional fee, as parking in Downtown Auburn is very limited.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
None, but all parties involved were experienced in real estate. The sellers were brokers and developers, and the grantee has extensive commercial valuation experience. This allowed for a non-broker/off-market transaction.
@Scott Lakas Great buy, that is an amazing location. What's your next project?
@Scott Lakas congrats on your investment!
@Joseph Back Don’t know yet, but would love for you to be involved. Let’s get together again soon.
@Dmitriy Fomichenko Thank you!
Nice work @Scott Lakas . Always great to see a good deal come together in a great location
@Tyler Dalton Thanks Tyler!
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