As told by Justin Sledd, Commercial Agent
You never know when a simple meeting will turn into something much more.
Units: 8 Residential Apartments
Building Size: 2,578 SF
Broker of Record: One South Commercial
I recently met with a prospective client at One South Commercial listing on Hull Street. It turned out to be an individual from Real Property Management, and we quickly realized we had many of the same acquaintances, shared a number of the same experiences from our work in property management, and even worked at offices a few blocks away from each other. Before long, we were discussing the multi-family market, which was skyrocketing during this particular season, leaving buyers in need. Quite simply, there was not enough real estate to go around.
He shared with me that he had an 8-unit complex that he purchased in 2012. The property was your typical two-story, 1-bedroom Museum District complex, and even though it had only one boiler that heated the entire building and no central air, this was the kind of property that many buyers are looking for. It has an A-list location, good floor plans, parking, value add, and low rents; not to mention the property was fully leased.
I asked him the question every commercial agent keeps in their back pocket; would he ever be interested in selling? While he was not pressed to sell, if there was money to be made, he was in. We discussed the value of the property, and we agreed on a price and commission.
Our team was able to sell the building off market. By bringing in a strong, repeat buyer who paid all cash, we created a seamless deal for both our buyer and our seller. The seller saved on a co-broker fee and was happy with the price, while the buyer was able to add to his portfolio without high publicity and market competition. Both parties were pleased with the outcome, leaving us with a seller whose management company we routinely refer property owners to, and a buyer who is ready to work with us again.