Posted by RR on August 20, 2008 at 11:10:34:
This website has a commercial forum try to post your question there.
medical building - Posted by Bill
Posted by Bill on August 15, 2008 at 12:18:19:
I am looking at a medical building with 2 units. Well actually the entire building is 4 units but this is just 1 side connected by a small common area. The building was built in 1963. The outside is in nice condition, the inside is good but dated. The upper tenant is chiropractor with a lease for 4 more years. The lower is a telemarketing firm under lease for 4 more years. The other side that is not for sale is a dentist and doctor so its fully medical but mostly. Its a triple net lease with both tenants, with 3% rent increases anually. The asking price is $225,000. I would have to borrow the entire amount. Rent is $1500 upper and $950 lower. I was thinking that with just being responsible for the P&I would make the cash flow pretty good with 100% financing. Am I missing something. I have no commercial experience. Thanks.