Missouri Hard Money Deal - Close

550

None

No

Adrian

Missouri

$350,000

$0

Use existing equity in property as down pmt. This business is located on approx 2.7 acres. The main building is about 12,000 square feet. It is an amazing newly remodeled 2 story antique shop. It is partially divided into booths that are rented out. They are all currently leased. The remainder of the building is filled with antiques for sale that are owned by the business. This inventory is included in the price of the business. The property includes a building with self storage units. These units are all currently leased. Also on the property are 5 additional buildings, totaling approx 20,000 sq ft. A portion of this area is leased out and the rest is used as personal storage by the owner. Upon purchasing, all of this area would begin producing income. This business was priced to me, including all inventory, at $350,000. I firmly believe it's value to be at no less than $650,000. I base this belief partially on a recent appraisal done of a 5000 sq ft commercial building located nearby. This building appraised for $300,000. Also, a 2400 square foot commercial building on about 5 acres nearby recently sold for $245,000. I propose using the property I described on the 2.7 acres as collateral on a loan for $375,000. The current lease income from this business will make the payment. For a minimal amount of cash, the remaining 15,000 square feet of building space can be converted to income producing areas also. This property was grossly under priced to me and it offers the perfect opportunity to own a multi-use rental property. It has room to be easily expanded, which will greatly increase the income it is currently producing.