Investment Info:

Office Space buy & hold investment.

Purchase price: $399,000
Cash invested: $80,000

Office building with The Cate Group, Realty & Property Management along with renting out 4 other offices.

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

I was leasing an office space and wanted to transition to owning my own office building. Previously, I was paying $2600 monthly in rent, which included land taxes and all maintenance. Now, I pay $2100 in mortgage. Currently, I lease out two offices, each equipped with a shared meeting room and lobby. I also maintain the use of three offices and a front desk. Additionally, I have three more offices available for rent. With all offices leased, this will cover my mortgage expenses.

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

I was informed that the business currently occupying the building was relocating to a different location and would be sold. I submitted an offer before the building was listed on the Multiple Listing Service (MLS).

How did you finance this deal?

I secured a commercial loan from my local bank to finance the purchase.

How did you add value to the deal?

I freshened up the interior with new LVP, new LED lighting and freshly painted walls, ceilings, trim and doors. Upgraded the outdoor signage.

What was the outcome?

Leased 2 offices and storage room with use of the meeting room, lobby, kitchenette and signage.

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

I am a realtor and negotiated my own contract.