Investors are always looking opportunities to make money. Some want homes to renovate and flip, others want homes to hold as rental properties. Some would like to have the income stream from a strip mall, apartment building or commercial building.
For me, the dream is historical structures that allow me to fuse retail and residential in overlooked downtown neighborhoods. I purchased a historical structure in a rough area around 24th & Leavenworth and am in the process of creating retail bays and apartments. I also bought a commercial building and parking lot across the street, along with two more nearby vacant apartment buildings and a nearby corner store that I hope to redo and fill with a trendy motor scooter business. I also have a nearby warehouse where I am trying to lease office space.
It’s going to take around $15 million to get these projects up and running. And I am still hoping to buy more nearby properties.
It’s more economical to renovate in bulk and to provide services such as security and maintenance to contiguous rather than scattered properties. That critical mass of activity also can fuel momentum. It just makes a lot of sense controlling the neighborhood, you can get things done, move the needle easier.
Well Grounded coffee shop opened last year in one of my buildings. Tastes of Soul Cafe will open soon. I’d love to get more restaurants going; that would really change things down here. An antique store is open in another of my buildings.
Renovation of the Anderson building is complete, and tenants are beginning to move in to the 28 market-rate apartments there. Rents range from the $600s for a micro-unit to the $800s for larger apartments.
Whatever your real estate investment dream, we at Landmark Group are ready to help. We can help you buy, sell or rent residential, retail, office, wholesale or industrial property. We can also help you maintain, renovate or manage your property. Just give us a call.