Arizona Hard Money Deal - Active

750

3 deals

No

Mesa

Arizona

$2,080,000

$830,000

We are buying an underpriced 14,000 two unit warehouse (two 7000 sq ft buildings next to each other). The deal is 30 days to close and we are in contract as of today. We're paying approximately $146/ft. Market rate in the area is $185 - $215/ft. It is currently occupied with two different tenants (~7000 sq ft each), each are month to month. The tenants are paying approximately 50% of the current market rate of $1.10 NNN. We intend to secure new leases at market rates and go to bank financing after 4 to 6 months of some seasoning. We'll be 1031 exchanging approximately $600,000 from a land sale which is in escrow and slated to close approximately march 20th. We currently own 4 buildings across our portfolio, and (my partner owns a 5th building separately). We've purchased 3 new warehouses each year for the past 3 years. This will be our 4th addition within the last 36 months. We always buy high cap rate / high cash flowing warehouses. We are seasoned warehouse managers of the Phoenix, AZ area. We've owned and operated in the Phoenix area since 2017. We're buy and hold/cashflow investors.