Is there living space in that property as well so someone could have a business/rent business space and live there as well? If so, that's amazing.
auctions today
- Thread starter Smiling JOe
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Sorry about that. In the first post I made, which I can no longer edit, I transversed two numbers in the MLS #. The correct MLS number for the last time it was listed was 414562.
In April '05, the property first came on the market, listed at $2.5 M. The sellers went through three different agents before the auction, changing the price from $2.5M > $1.9M > $1.48M, before trying to lease it at $6450 per month.
The property is roughly .4 acres though I believe some of the back side may be wet (not sure), and yes, if you find a commercial or mixed use lot in the area of that size, you will have to pay around $400K-$500K to purchase it. As I said, the buyer stole it at that price.
Only time will tell if it was a steal.
$4000 would be a good return in the current market at 515k. Even if it is never resold it is a good deal as long as it rents. I heard the buyer is trying to flip this anyway.
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Remember to throw the 10% auction premium charged to the buyer and insurance and taxes, and you will probably be closer to $5000/mo break even cost.
Currently, there is no residential space in that building and I am not certain whether it is zoned for mixed use or strictly commercial. I know of properties in close proximity that are mixed use, allowing for both residential and commercial. The foundation for this building is claimed to be constructed to withstand a second floor added on to this single story building, so there is potential to add on if you go up, and if parking space requirements are met per County Code.
I do believe one could split the building into two or three offices and easily make the rents decently affordable.
My guess was that the buyer was looking for a flip, although probably not a quick flip.
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