Updated over 3 years ago on . Most recent reply
Downtown Toledo Commercial Property
Investment Info:
Retail buy & hold investment.
Purchase price: $965,000
Cash invested: $105,000
5 commercial spaces and 1 residential space in downtown Toledo.
What made you interested in investing in this type of deal?
Awesome location in downtown, 1 block away from the Mudhens stadium with a solid tenant base.
How did you find this deal and how did you negotiate it?
Was brought to us through our partner in the deal. Had originally agreed to 1.2 million but used the COVID market conditions to negotiate the price down.
How did you finance this deal?
66-33% split with our partner
How did you add value to the deal?
Since purchase we have turned one of the commercial spaces into a residential unit and turned another space into a restaurant for one of the current tenants so he could expand his restaurant operation.
What was the outcome?
Increase in monthly cash flow
Lessons learned? Challenges?
Getting permits from the city is a huge pain. So getting things right the first time is very important because you do not want to have to have them reschedule and come back. It holds everything up. Make sure you hire the correct people.
