Michael Capital is excited to announce that we have closed on an off-market retail strip center in Auburn, Washington for $3,196,000. The property was built in 1985 and has 12,607 square foot of retail space. It sits on top of a 30,854 square foot lot, containing 43 parking stalls. It was fully renovated in 2005 with an estimated 15 years remaining on the roof and HVAC systems. The tenants benefit from being adjacent to Auburn Way North, one of the busiest thoroughfares in Auburn that averages a daily traffic count of 17,000 cars.
Hey man very inspiring article. Thank you for providing a great deal of detail, this was great. I was wondering if the model you included was available to be purchased or if you were willing to share? Congrats on the deal!
Hey Jonathan! adventuresincre.com has a bunch of free institutional quality models for all sorts of commercial real estate. They also have really great training videos to go along with it. I highly recommend watching Justin Kivels videos.
Hey! Over the past year we built up a database of a few dozen potential investors from existing relationships, coworkers, and mutual connections. For this deal, we ended up going with a single investor who also signed off on the loan. Lesson learned is the importance of presenting a solid deal, business plan, and building trust with your investors.
We have been pursuing the owner for a couple years now and the timing was never right. However, we stayed persistent and the owner finally gave us a call letting us know he was ready to sell and do a 1031 exchange. Lesson learned is that people want to work with those they trust and have a relationship with. He also liked our extreme persistence ;)
Hey man very inspiring article. Thank you for providing a great deal of detail, this was great. I was wondering if the model you included was available to be purchased or if you were willing to share? Congrats on the deal!
Hey Jonathan! adventuresincre.com has a bunch of free institutional quality models for all sorts of commercial real estate. They also have really great training videos to go along with it. I highly recommend watching Justin Kivels videos.
Great write up! Would love to learn how you saved enough for the down payment, and how you sourced the deal as it was off market?
Hey! Over the past year we built up a database of a few dozen potential investors from existing relationships, coworkers, and mutual connections. For this deal, we ended up going with a single investor who also signed off on the loan. Lesson learned is the importance of presenting a solid deal, business plan, and building trust with your investors.
We have been pursuing the owner for a couple years now and the timing was never right. However, we stayed persistent and the owner finally gave us a call letting us know he was ready to sell and do a 1031 exchange. Lesson learned is that people want to work with those they trust and have a relationship with. He also liked our extreme persistence ;)