- Turned a shell, vacant suite that had not been leased for 6+ years into a fully functioning suite leased to a gym company with a nice buildout, bathrooms, and all utilities.
- Retrofitted main electrical service to both buildings
- Completed the planned parking lot resurfacing and restriping and sidewalk repairs
- Addressed major roof issues (the seller of the building contributed to these repairs)
- Completed 7 new lease or renewal deals, including two of our largest tenants.
- Completed the year at 92.6% occupancy, and are in discussions with two tenants currently that would bring it to 95.7%.
- Successfully shifted the property management to a firm more in line with our goals and objectives
The property was acquired at a 55% discount to replacement cost and a new property management company was installed immediately, along with over $150,000 of capital improvements. 70% LTV 10 year loan attained with a 10 year fixed term at 5.6%.
17% leveraged Return on Investment, 9.2% Cash on Cash on a 5-year average to investors. 9.0% Cash on Cash return to investors on Day 1.
Purchased for $3,600,000 (ask was $4,100,000) in 2015.