Deal #10 - Warrenton Apartments

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This marks the transition to commercial properties! Originally this property was going to be the upleg of a 1031 exchange when the Statesville Duplexes sold. They were under contract back in November, but the buyer backed out and I was faced with a decision...back out of this deal and get my deposit back, or continue to closing and find the money to make it happen.

It was too good of a deal to pass up, so I chose the latter and brought in $100k in money from a partner!

Most of the 18 units needed to be updated, which would allow us to increase rents significantly and therefore increase the value of the property! Stay tuned for this one, it should be a lot of fun.

PURCHASE DETAILS

List Price: $750,000

Closing Date: March 21, 2022

Source of Deal: Commercial broker

Funding Source: Commercial

Size: 18 units, 825sqft ea 

Bed/Bath: 2br/1ba ea

 

PICTURES