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🔥 Another deal in the books! 🔥
My partner Zachary Gray and I locked down a prime 5-unit property in the Burncoat area of Worcester for $730K, right on the MLS! With similar 6-unit properties selling for $1.2M, we saw the potential immediately – and so did the appraiser, who valued it $130K above our purchase price.
Not only is this a solid investment, but it’s also a strategic move for us at Freedom Management and Candor Realty, as Worcester now officially becomes our home base! The property includes two commercial units, one of which will be our new headquarters, anchoring us in the community we’re so invested in.
Our game plan? Infuse $50K to convert the three residential units from 3-bed to 4-bed layouts, give the units a fresh cosmetic upgrade, tidy up the exterior, and add new signage and front windows. Once it’s all dialed in, we expect this property to generate around $10K in monthly revenue, with an estimated value between $1.05M to $1.1M – creating $200K-$300K of equity.
These deals are our bread and butter, and we’re excited to bring this one to the finish line next week! 🚀
If you’re interested in learning more about our current and upcoming investment opportunities – or simply want to follow our journey – join our mailing list! Link in the comments.
#RealEstateInvestment#WorcesterMA#Burncoat#FreedomManagement#CandorRealty#MultifamilyInvesting#RealEstateDeals#RealEstateInvesting#BuildingEquity#PassiveIncome#FinancialFreedom#RealEstateJourney#WorcesterRealEstate
Congratulations to Mr. Spieker, a respectful “god father” in the Bay Area local community of Multifamily investors. Though I never got a chance to talk to Mr. Spieker personally, I got chances to compete with him on some small deals, e.g., I offered 3.45M for a 9-plex and lost the final round against his offer at 3.5M. It makes me happy, because I got the chance to calibrate my underwriting
model with a respectful investor who has 50-year experience in this “game”, and I know my underwriting model probably won’t let me overpay for a deal in this market. I still don’t get why Mr. Spieker still compete with others in small deals, maybe investorment is his hobby, and he likes to pursue great deals no matter the size. Following his transactions, I can further calibrate my underwriting model and make offers for other deals wisely. For example, I was offered the off-market opportunity to buy a small portion of the portfolio below, so I know the financial performance of these properties, and the final transaction shows a 9.78 GRM, which indicates that this is a great deal given the location, condition and potential of these properties. That gives me confidence of getting great deals at Mr. Spieker’s standard (actually, I have got two deals done in H1 at similar go-in GRM yet less ideal locations). Also, it is good to see he has purchased around $100M deals in the last 15 months in Pennisula and South Bay, where I focus my investment. It boosts my confidence to keep investing in these locations.
updated (07/16): from multiple info sources, the transaction price was $76M ($53.6M in cash and $22.4M assumable loan), which makes this deal more reasonable, leading to $378k/unit, 13.87 go-in GRM.
*Featured Listing*
Rock Island, IL
CBRE is pleased to present an exclusive listing for the New Dollar Tree (Fresh 10-Year Lease) located at 3100 11th Street in Rock Island Illinois. The site consists of 13,905 total square feet of building space and sits on ±1.53 acres of land. Dollar Tree recently signed a new 10-year lease for the subject property. Dollar Tree is an investment-grade rated tenant with an S&P rating of BBB. The Dollar Tree lease will call for $0.50 psf rental escalations every five years throughout the 10 initial Base Term and three (3) five-year renewal option periods extending the total possible lease term to 25 years.
The subject property benefits from being located at a strong signalized intersection surrounded by both national and local tenants. Nearby retail tenancy includes McDonald’s, O’Reilly Auto Parts, United States Postal Service, Dollar General, Conoco, and Shell.
#commercialrealestate#retailinvestment#cbre#retail#retailproperty#RockIsland#Illinois#retailinvestmentbroker#brokerlife#orlando#cretrends#CRE#foryou#featuredlisting#realestate#CRE#realestate#investment#investmentopportunity#selling#forsale#sell#buy#commercialproperty
Legacy housing 🏠 when you assume the notes on the property 💰
DM me if you’re interested in joining and leveling up in real estate.
Be sure to hit the like and follow so you can Build Strong Portfolios and Sculpting Strong Bodies! 💯
Legacy housing 🏠 when you assume the notes on the property 💰 #wholesalinghouses#realestateinvesting#wholesalingrealestate#realestatetips
*Featured Listing*
Rock Island, IL
CBRE is pleased to present an exclusive listing for the New Dollar Tree (Fresh 10-Year Lease) located at 3100 11th Street in Rock Island Illinois. The site consists of 13,905 total square feet of building space and sits on ±1.53 acres of land. Dollar Tree recently signed a new 10-year lease for the subject property. Dollar Tree is an investment-grade rated tenant with an S&P rating of BBB. The Dollar Tree lease will call for $0.50 psf rental escalations every five years throughout the 10 initial Base Term and three (3) five-year renewal option periods extending the total possible lease term to 25 years.
The subject property benefits from being located at a strong signalized intersection surrounded by both national and local tenants. Nearby retail tenancy includes McDonald’s, O’Reilly Auto Parts, United States Postal Service, Dollar General, Conoco, and Shell.
#commercialrealestate#retailinvestment#cbre#retail#retailproperty#RockIsland#Illinois#retailinvestmentbroker#brokerlife#orlando#cretrends#CRE#foryou#featuredlisting#realestate#CRE#realestate#investment#investmentopportunity#selling#forsale#sell#buy#commercialproperty#DollarTree
📊🏡 Bowling Green, OH Real Estate Market Update!
In the past 30 days, the residential housing market in Bowling Green has been picking up! We’ve seen a notable uptick in activity!
Whether you’re buying or selling, it’s a dynamic time in BG! Reach out for more details or to discuss your next move.
Alexandria Rudolph, The Danberry Co.
📞 419-290-0070
📧 Lexirudolph@danberry.com
🌐 Lexirudolph.danberry.com#BowlingGreenOH#RealEstate#HousingMarket#HomeSales#MarketReport