Financial Summary
Investment: $1,150,000 Return: Dividends $ 2,341.98
Gain: $804,829 Distribution on Sale $1,776,788.82
Time invested: 2.87 years Additional Cash on Hand $ 186,698.67
Annualized ROI 24% Est. Proceeds $1,965,829.47
Purchase Information:
Price: $4,735,000
Initial Investment: $1,150,000
Group: 12 Members
4 Tenants-in-Common
Location:
Located on the corner of Park Blvd and Starkety Road in Pinellas County, FL
Features:
54,000 sq. ft Retail Center
High traffic corner
Plan:
Building was purchased at 80% occupancy. Plan was to get deferred maintenance caught up, lease up the remaining vacancy, then either refinance or sell for estimated price of $6 million.
Here’s what we did
1. Located the property
2. Leased to 93% Occupancy
3. Put a new roof on the smaller of the two buildings
4. Complete renovation and leasing of 3,000 sq. ft. which was a mess and in code violation upon purchasing the building
5. Completed a successful refinance
6. Worked through 3 contracts and kept all or part of 2 different escrow payments
7. Sold the property for more than the $6 million initial projection
8. Renovated the parking lot and completed all deferred maintenance
