Updated about 1 month ago on . Most recent reply
Cash flowing mixed-use 7-8 unit in Anderson, IN
Investment Info:
Other other investment.
Purchased cash. Secured great anchor tenants on 5 yr escalating leases. Cashflows very well at 45% occupied. Going for auction on Sept 22nd, 2025. If it's not picked up auction it will be listed traditionally at a significantly higher price. Currently making renovations to vacant units. Entertaining direct buyer offers pre-auction. You find more info on Crexi or message me directly. 622 E 8th St., Anderson, IN
What made you interested in investing in this type of deal?
Building was in good condition, purchase price was right. Mainly my partner leans into challenges and I don't shy away from them. We were able to produce our 2nd win in this very challenging market. Not to mention the current challenges of the commercial market in general.
How did you find this deal and how did you negotiate it?
I had been watching the building for some time. It was down the street from another project I was working on. Paid cash. Not a lot of negotiation.
How did you finance this deal?
Cash
How did you add value to the deal?
Secured anchor tenants on long term escalating leases. Brought cash flow back to the property. Currently renovating vacant units.
What was the outcome?
In process. WIll go to auction on Sept 2nd for a great reserve price. I believe it may be the best cash flowing deal on the BP "find deals" page right now by 2X+ with lots of potential for more.
Lessons learned? Challenges?
Challenges are securing anchor tenants is this market. They are almost non existent. The success we have experienced was the result of tracking down anchor tenants from about 3 yrs as part of a former project. Not a lot of learning on this one. Renting and rehabbing. NOT Brrrr'ing. It will be sold.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Listing agent only. I am a former broker.
