All Forum Posts by: Ash Patel

I too agree with all the posts.  One angle is give them some TI allowance and have them fund the rest.  This way they have skin in the game.  Keep in mind that a lease without renewals works in the landlords favor.  You hold all of the cards when it comes time to renew.  Would this restaurateur have a lot of options to move?  Have they already invested a considerable amount into this space?

All of my commercial leases are presented with no renewals.  Its the tenants job to negotiate renewals. - keep us posted.

In Feb of 2016, I would like to sell 1-3 commercial properties and 1031 them into 1 or more properties.  With only 45 days to identify the next prospects, do most people already have these lined up prior to their 1031 sale?  I know you have 180 days to close but that 45 day identification period seems tight.  

I guess in reality you have the 30-45 days from the time your sell contract is signed till close.  That buys you some time.  Again just curious if people have things inline before their sale.

Thanks - Ash

Thank you @Dale Shin and @Al Wilson.  I checked out the space today and the bank doesn't have a vault or a safe deposit room, just a giant ATM safe.   The space could easily be converted to retail.  I would need $8/sq ft out of the former bank space to break even on this property.    

Not the most appealing deal unless the seller is willing to get creative.

Google  street view link
 

I am going to check out this property tomorrow on the west side of Cincinnati.  It is fully leased except for the bank who has vacated and moved around the corner.  Ideally I would love to land another bank to occupy this space.  Has anyone here ever landed a bank tenant or re-purposed a former bank building?  

Thanks! Ash Patel

I understand wanting to pay off your mortgage early but look at the concept of cash on cash returns.  Can you find ways to increase your cash on hand and start looking at another deal or were you thinking one and done?  

I have had several agents over the years give me lock box codes.  Before things got digitized, I had one tell me the typical codes that each brokerage uses.  I bet many people on this site have been given codes!  No need to read the riot act.

@Shane H. - Thanks again for your input.  The lowest level is half below grade and does have plenty of natural light coming in.  That is where the offices are.  

The roof is not accessible and is slightly pitched.  I very much appreciate the effort you put in to research the area.  My gut is telling me that I will unlikely fill the space in the short term with commercial tenants.  The middle floor at the very least should be converted to residential!

@Ryan Jelley - The overwhelming advice that I have received from professionals in the area is to convert the top two floors to residential. My hope was that I would be able to get tenants by now and residential would be a fall back. One of the big drawbacks is the way that the building is plumbed, each floor would only be able to be divided into two apartments. So a total of 4 apartments and 6 small offices on the first floor. The apartments would be roughly 1500 sq feet. I can't see charging more than $900/month for each apartment.  

@Dawn Brenengen and @Mindy Jensen - The Raleigh incubator looks very cool.  I would love to be able to create something like that but this just isn't the area for it.  I also don't have the stones to try to roll the dice.  We are willing to give people an office for $250/month so it definitely isn't price that is keeping people at bay.

@Scott R. - For a brief time, we advertised live/work and got flooded with responses.  This leads me towards the residential conversion even more.

@David Begley - I will reach out to the artspace.org folks tomorrow.  They have a building about to go online just a few miles from us.  very cool and thanks for the link!

Thank you all for being able to bounce things off of you!  You really are helping me keep my sanity.  

@Scott Reiley