Challenge:
There were a few challenges that we faced when marketing this sale.
Our first challenge with the sale of this building was to understand that a competitor had the exclusive listing for a full year prior and was not successful in selling the building.
Secondly, a 11,800 square-foot mixed-use property like this typically has a parking lot for 30 or 40 cars. This property does not have a parking lot and just has on-street parking. No parking represented a big challenge for the sale of this property.
Lastly, another challenge with this property is that it is old and needs work both on roof and with the structure. The property taxes of over $76,000 per year also posed a challenge.
Action:
The seller signed our exclusive listing agreement. This enabled us to deliver the sale offering to our thousands of email contacts and advertise the property online among other strategic initiatives.
We focused on the key highlights of this property including the high traffic counts of over 49,000 cars per day on Sunrise Hwy, the attached garage behind the building, the vast frontage, and the proximity of the property to other various neighborhood retail spaces and amenities.
Our online marketing resulted in over 55,820 total views of the listing and over 550 buyers engaging with the online information. With hard work and dedication, we were able to secure the ideal buyer for this property who happens to be a previous client of ours.
Result:
Our President, Ron Koenigsberg, sold the property for $1,375,000 at a price per square foot of $116. As a result of our hard work, we outperformed the market expectations.
The buyer has plans to open up the front of the building and divide the stores into 4 separate rentable units.
View more of our sold properties here.
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