Updated almost 2 years ago on . Most recent reply
3 Story commercial building in Jeffersonville, Ohio
Investment Info:
Retail buy & hold investment.
3 story all brick bank building totaling 9600 sf with retail on first floor and office on 2nd and 3rd floors. In a small village of Jeffersonville, Ohio about 40 minutes south of Columbus. This town is ripe for redevelopment as it has recently announced a new $4billion dollar Honda/LG battery factory that is currently under construction and opening in 2025 with 5k workers and more development in the same area. And the factory is just 1.5 miles away!
What made you interested in investing in this type of deal?
Future development and revitalizing of an old town. Always looking for path of progress and growth around Columbus, Ohio for good ground floor opportunities.
How did you find this deal and how did you negotiate it?
I am a licensed realtor and search for properties for sale regularly. I owned a 2 acre lot in the area and the more research I did the more I saw the potential. I currently own this and 2 other buildings in the downtown area.
How did you finance this deal?
Cash purchase
How did you add value to the deal?
Got the property for a very low price and will add value by improving in the future. Waiting to do the build out until the demand is there.
Lessons learned? Challenges?
Challenges include you need to be ready to pay holding costs as well as repairs on an old building while it sits empty. though they are low on this one they are a negative vs a positive. But the future upside makes it worth it as I see it being a 10x investment over 5 years.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
yes! MYSELF! I am licensed in Ohio and Florida and work with investors regularly.