Church to Office Purchase and Renovation
Investment Info:
Office Space commercial investment in Quakertown.
Purchase price: $225,000
Cash invested: $350,000
Sale price: $975,000
This was a purchase of a Methodist church and parsonage. The previous purchasers withdrew at the last minute leaving the church who had built a new facility without a buyer. My partners and I stepped in and purchased the building, invested $350,000 for exterior maintenance and interior remodeling. Saved the sanctuary with hammered tin walls and ceiling and incorporated them into the design.
What made you interested in investing in this type of deal?
We needed a bigger location and wanted to preserve the integrity of this building which was erected in the 1800s.
How did you find this deal and how did you negotiate it?
Heard that the purchasers had left the church in a bind.
How did you finance this deal?
Bank financing
How did you add value to the deal?
Refurbished exterior with custom ornamental aluminum capping of the block and gingerbread on the eves. and fascia. ($78,000.00 80 feet in the air) Preserved the historical architectural interior of the sanctuary and the stained glass windows.
What was the outcome?
Excellent the building is adds value to the community.
Lessons learned? Challenges?
Always think big and never be afraid to tackle a bigger project. Always hire good professionals. Especially a
historic architect who can help renovate an older building.