MLS Sleeper Turned Company Headquarters

[Mark Updegraff]

Investment Info:

Office Space buy & hold investment.

Purchase price: $170,000
Cash invested: $200,000

This project became the home base for Updegraff Group Realty and Updegraff Management. We took the building down to the studs, spray foam insulated the full envelope, and rebuilt it into a modern, high-performing office space that our companies now lease back.
The interior was designed to reflect our brand and our capabilities: white-washed oak custom built-ins, detailed tile work throughout, a showcase kitchen, private offices, a large collaborative workspace, and a front-facing glass conference room with a large picture window that creates a clean, professional first impression.
From an investment standpoint, this is a great example of an owner-occupied value-add project. We improved the building’s efficiency, functionality, design, and long-term usefulness while creating a headquarters that supports our team, impresses clients, and demonstrates the quality of work we bring to real estate, construction, and property management.

What made you interested in investing in this type of deal?

I was interested in this deal because it gave us the opportunity to turn an underutilized building into both a functional investment and a brand asset for our companies.
As a real estate broker, investor, and operator, I like projects where we can create value through vision, design, construction, and long-term use — not just by buying something and hoping the market improves. This building allowed us to do exactly that. We were able to take it back to the studs, improve the envelope with spray

How did you find this deal and how did you negotiate it?

This deal came from the MLS, but it was one of those sleeper opportunities that most people overlooked.
The property was listed commercially, the photos did not do it any favors, and the presentation failed to show the full potential of the building. For whatever reason, it only attracted one other offer. To us, that was the opportunity. We could see past the rough marketing and recognize the value in the location, the structure, and what the building could become.
Once we identified the upside,

How did you finance this deal?

We financed this deal by using cash upfront, which gave us speed, certainty, and control.
We purchased the building with cash and also paid cash for the renovation. That allowed us to move quickly, avoid construction loan delays, and make decisions based on the vision for the finished product rather than lender constraints during the rehab.
Once the renovation was complete and the building was stabilized with our operating companies leasing the space back, we worked with a local lender to refina

How did you add value to the deal?

We added value by taking a building that was poorly presented and underutilized, then completely repositioning it into a modern, functional office asset.

The biggest value-add was the full renovation. We took the building back to the studs, spray foam insulated the entire envelope, and rebuilt the interior to fit the way our companies actually operate. That included private offices, a large collaborative work area, a glass-walled conference room at the front of the building, custom white-washed

What was the outcome?

The outcome was a fully repositioned office building that now serves as the headquarters for Updegraff Group Realty and Updegraff Management.

We turned an overlooked MLS sleeper into a modern, efficient, highly functional workspace that reflects our brand and supports our day-to-day operations. The building now has private offices, a large collaboration area, a glass-walled conference room, custom built-ins, detailed tile work, and a showcase kitchen that demonstrates the level of design and co

Lessons learned? Challenges?

The outcome was a fully repositioned office building that now serves as the headquarters for Updegraff Group Realty and Updegraff Management.

We turned an overlooked MLS sleeper into a modern, efficient, highly functional workspace that reflects our brand and supports our day-to-day operations. The building now has private offices, a large collaboration area, a glass-walled conference room, custom built-ins, detailed tile work, and a showcase kitchen that demonstrates the level of design and co

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes. On this project, we worked with a strong local team of real estate, construction, lending, and trade professionals who helped bring the vision to life.

Because we were acting as the owner, operator, and end user, we leaned heavily on our own real estate, construction, and property management experience through the Updegraff companies. That allowed us to move quickly, make practical design decisions, and manage the renovation with the finished use in mind.

We also worked with local contrac