Challenge:
A challenge we faced with selling this property was that the building was 67% occupied at the time of sale. The current tenants at this property are on long term leases which meant we had to target our marketing efforts towards investors seeking a value add deal in addition to having the opportunity to lease-up the vacant space.
Action:
We quickly brought this property to the market. The team effort resulted in over 43,970 total views and 185 buyers viewing the property information online.
Our sales associate, Dawn Gingold, frequently communicated to the seller any updates. She showed the property to numerous potential buyers and stayed attentive to all of the incoming listing activity.
Our team advised the seller on the best terms to accept based on his real estate goals. Through our various marketing efforts, we were able to attract the ideal buyer for this property.
Result:
The retail building sold at $1,180,000. Dawn Gingold of American Investment Properties represented both sides of this transaction. We successfully closed the deal at $379 price per square foot and a projected cap rate of 6.72%.
View more of our sold properties here.
Thinking About Selling Your Commercial Property?
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