Thread by @EstateRanger

We are here again evaluating yet another Loopnet building.

If you want to get the most out of this post first read look at the property yourself and write down all your questions.

Lets cross-compare and see if we are missing anything.

loopnet.com/Listing/24-38-…

Overview:

$1,695,000, 8.25% Cap, 14,451 Sq Ft and 117 Price PSF

These numbers right here pique my interest.

Great cap low purchase price lots of square feet to work with.

I like this so far

Location:

One of the reasons for the great numbers is because it is not located near a city center. It is a strip center in a more rural area.

Numbers get attractive when you leave the city centers.

You must remember though that rural areas usually expose one to more risk

Potential:

8.5% Cap brokers say potential up to 9.5%. (Remember to calculate your upside yourself)

Great potential but there is no OM attached meaning I can't see vacant spaces rent rolls etc...

From the pictures, the tenants look very good. Spaces look to be well maintained.

This is a good sign.

The building facade is in good shape doesn't look like the building would have much CAP EX

This building looks good to me from the outside.

But we cannot see in as they have not released any supporting documents.

Location:

This building is all about the location and your comfort level with that.

It is not very close to Boston. But it is somewhat close to Framingham which is a good hub for Corp Offices.

Conclusion:

It all comes down to if you are ok with the location. It is not in a traditionally sought after location.

If you are ok with that trade-off than this might be interesting to you.

I can tell you stuff like this usually gets overlooked by larger investors...