@Zach Quick thanks so much for your time sir. This property is located on the most historic street in our town. There is a city sponsored economic development organization, “Main Street” that is focused on promoting business on this street. This particular location has primarily salons, restaurants, antique shops surrounding it all within walking distance. It’s 2 blocks from city hall and the police station.
My strategy is to purchase it and lease it out to another business as retail/office space. The current owner has been leasing it for $1100 a month up until about 3 months ago when the previous tenant went out of business. That tenant had a arts and craft oriented business and they occupied the location for about 3 years.
I’m purchasing this with owner financing with $10K down. The loan will be amortized over 30 years with a 10 year balloon at an interest rate of 3.9%.
Please let me know if you need any additional information and thanks again to all that respond.
@Zach Quick I have budgeted up to 10K to assist with TI for a tenant after I have reviewed their business plan and they sign a 3 year lease agreement.
My experience is limited from the perspective of a commercial real estate owner. However I have been part of the leasing of commercial property as a business manager for other small businesses. I own one SFH as a rental currently. To be honest, from the beginning my goal has to been to invest in residential properties. It just so happened that as I was searching for deals i came across this opportunity. So I'm trying to do my due diligence and learned enough about commercial property to make a good decision.