Retail commercial investment investment in Canon City.
Purchase price: $87,500
Cash invested: $40,000
4000 sq ft of wide open space on Main Street. 2500 sq ft open in front, two large garage bays in the middle and office space and bathroom in the back.
What made you interested in investing in this type of deal?
Walked by the property for 2 years as it sat as an overgrown, sad, vacant building. Couldn't get it out of my head. Envisioned how great the space could be just for personal space. Had no intention of sharing it or making money off it.
How did you find this deal and how did you negotiate it?
Just sitting there on the corner waiting for the right person. 661 days on the market. Was listed for $110K, then $105K. Made a lowball offer at $87,500 and they accepted.
How did you finance this deal?
Family. No bank was going to touch this.
How did you add value to the deal?
Remodeled the office in the back. Split into two suites. Built 2 ADA bathrooms in the front. All new plumbing, electrical, HVAC, insulation. Split the cost of new sidewalks with the city. Recently had to have the sewer line replaced all the way to the alley.
What was the outcome?
We rent out the front to a local retail shop that was already established. Her business is now booming. I have a covert real estate office out of the back with plenty of room for all our property management and remodeling tools and supplies.
Lessons learned? Challenges?
Sometimes you have to just take a leap. We've talked to so many that said: "Oh yeah... we looked at this place... too much work." It was a lot of work, but so worth it. It was an eyesore on Main Street and we're proud that it is now a hopping corner.
@Aaron Malejko congratulations on your success!
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