Updated almost 5 years ago on . Most recent reply
Rezoning Commercial for Mixed-Use to increase Revenue
Investment Info:
Retail buy & hold investment.
Purchase price: $330,000
Cash invested: $30,000
Currently rezoning for mixed-use: https://www.newhavenindependent.org/index.php/archives/entry/tattoo_parlor_apts/ - taking a 2500 sq ft stand-alone commercial building and converting it to mixed-use building with street-front commercial and rear residential.
What made you interested in investing in this type of deal?
Location - busy nightlife strip with predominantly Yale graduate students.
How did you find this deal and how did you negotiate it?
Mailed letters to building owners.
How did you finance this deal?
Seller Financing.
How did you add value to the deal?
Converting a single commercial space into a mixed-use residential and commercial, increasing the revenue and number of renters.
What was the outcome?
In the renovation stage.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
No.