Purchased a 16,008 sq. ft. 100% vacant retail center in Palm Desert, CA in May of 2019 for $1,500,000 with seller financing for 15 months.
During this period we leased the center to 100% occupancy with an Indian restaurant, Asian restaurant, Tattoo shop, Fitness center, Thrift shop, and dog groomer. In November of 2020 during the height of the pandemic, a bridge loan was obtained to complete the facade enhancements and the appraised value was $3,200,000.00.
The Building has undergone a complete facade enhancement and in 2021, we got permanant financing at an appraised value of $4,350,000, a $2,850,0000 increase in value with a monthly cash flow of $15,000.