Challenge:
The main challenge we faced during the sale process of this property was the limited amount of parking spaces the property provides. This smaller number made some potential buyers we spoke with worry that it limits customer accessibility or tenant turnover.
Additionally, the seller was owner-occupying one of the spaces and had plans to remain as a tenant at the time of sale. We knew we needed to target our marketing towards long-term and value-conscious investors.
Action:
From the moment our team received the exclusive right-to-sell agreement, we quickly brought the property to the market. The team effort resulted in over 43,330 total views and over 470 buyers viewing the property information online.
Our sales associate, Dawn Gingold, showed the property to numerous buyers and was available at all times to fulfill the incoming listing activity.
Dawn frequently communicated to the seller any updates. She notified the seller of how many views the listing received, the potential buyers, and advised throughout the multiple incoming offers. Throughout the obstacles in the sale process, Dawn remained attentive to the seller’s needs and successfully got the transaction closed.
Result:
The retail property sold at $1,530,000. American Investment Properties represented both the seller and the buyer in this transaction. The deal successfully closed at a projected cap rate of 6.48% and $232 price per square foot.
View more of our sold properties here.
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