Updated over 3 years ago on . Most recent reply
NNN covered land play
Investment Info:
Retail commercial investment investment in Portland.
Purchase price: $610,000
Cash invested: $610,000
Covered land play with a NNN single long-term retail Tenant. Zoned for multi-family development up to 5 stories.
What made you interested in investing in this type of deal?
Decent cap rate, great zoning, appreciation of land value for future multi-family development.
How did you find this deal and how did you negotiate it?
Business Partner/Mentor connections.
How did you finance this deal?
All cash
How did you add value to the deal?
Counter-offer $50K down after inspection findings
What was the outcome?
Accepted
Lessons learned? Challenges?
In the third round of counter-offers the Seller dropped two closing extension options for 1031 exchange on us. We agreed to get our lower offer price but ended up paying all cash because interest rates blew up during that period and it no longer made sense to finance.