Investment Opportunity

My first contribution to Associated Content was about the ratty nature of the apartment business wherein investors buy and sell apartments, change property names and keep on operating as the same old same old. Dozens of web sites and apartment rental magazines display descriptions and pictures that leave anybody looking at the property in a state of wonderment if they are even looking at the apartments in the advertisement.

My favorite professional activity is fixing broken businesses. This writing is about a property that has been going down while its neighborhood has been going up - a rare opportunity.

One of my professions is commercial property management. I hold a real estate license for management purposes, but have absolutely no desire to serve as a real estate buy or sell agent.

There are many apartments for sale, and 99% of them are hardly worth a first glance, but the property of interest here is one that I saw on LoopNet that is in a unique situation for professional investors seeking short and intermediate term yields.

The property is 70 units surrounded on three sides by paved streets and walks. There is sufficient open space to add 17 units [for which zoning is said to be already approved] and a community room. The property is listed for $5,100,000, may well be had for a good deal less.

My interest in this situation is monitoring construction to completion, planning and implementing marketing and managing the property through rent up.