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21
Nov

Retail Space Strip Center Downtown Chattanooga TNThe Grove Center is a retail space strip center located in the downtown Chattanooga, TN area. It is currently available for sale or lease. This commercial property consists of 18,292 square feet of retail space on a 1.19 acre parcel of land. The sale price is $850,000. Individual retail spaces are also available for lease. (See the retail space details below).

This retail space strip center is located just outside of Chattanooga’s Central Business District, near the Martin Luther King Blvd. and Rout 27 interchange. This location provides easy access to/from all area highways. The property also has adequate parking available for tenants and customers.

The Grove Center includes several highlights worth mentioning. For example, each suite’s floor plan is tailored to meet the previous tenant’s layout needs. However, each of these retail spaces can easily be redesigned to meet the requirements of any future tenants. Of course, these floor plans provide an ideal situation if a business owner in the same service category is searching for retail space.

This unique commercial property is available for sale or lease by Joe Pleva, Commercial Realtor at Joe Pleva and Associates. Watch our short video for more information.

Available Retail Space

One 120 +/- square foot suite for lease for $250.00 per month (Gross Lease). This retail space is currently laid out for a barber shop.

One 850 +/- square foot suite for lease for $1,300.00 per month (Gross Lease). This retail space is currently laid our for a women’s hair salon.

One 1,000 +/- square foot suite for lease for $1,800.00 per month (Gross Lease). This retail space is currently laid out for a laundromat (with existing plumbing).

One 8,000 +/- square foot suite for lease at $6.00 per square foot per year (NNN Lease). This retail space was previously occupied by Dollar General and is a perfect site for a similar discount merchandise store (such as Family Dollar, Dollar General or Dollar Tree). Also, this retail space is equipped with sufficient electrical capacity for a food service tenant to occupy.

The previous occupant of the 8,000 +/- square foot suite, Dollar General, had a successful experience during their lease term at Grove Center. This discount general merchandiser’s  success demonstrated that area residents support nearby retail stores that provide necessary household goods and services.

Surrounding Area Information

The residents in the surrounding area make up the Westside community. This community consists of three public housing sites and five subsidized housing complexes, including approximately 3,500 low-income residents.

Most Westside Community residents must purchase their household goods and service items at the closest grocery store, Buehler’s Food Market. However, Buehler’s is located more than a mile away. This makes simple tasks like grocery shopping a significant challenge for the many disabled and elderly Westside residents who rely on public transportation.

The Westside Community residents share many of the same demographics and socio-economic characteristics. This allows for a uniform set of characteristics that is useful when researching the area’s market potential.

Westside residents typically live on low or fixed household incomes.

A large percentage of Westside residents’ households receive supplemental income and other public assistance.

Westside residents include a blend of racial groups: approximately 50% are white, 33% are black and 17% are Hispanic.

Approximately 33% of the population is over the age of 50, with many household members over the age of 65.

Most Westside residents rely on public transportation.

A vast majority of the Westside residents live in high-rise public housing or subsidized housing.

The large number of retired residents have accumulated wealth throughout the years that is not accounted for in these data sets.

Summary

Retail tenants who cater to this demographic market by providing necessary household goods and services, and are within walking distance for the area’s residents, are most likely to succeed in this location.

Overall, Grove Center provides a premium location for tenants who are able to benefit from these conditions. It is also an excellent investment opportunity.

 

Contact Information

Joe Pleva, Director
Keller Williams®
202 Manufacturers Road
Chattanooga, TN 37405

Mobile: 423-667-6204
Office: 423-664-1550
Fax: 423-826-4951
Email: Joe@yourrealtysolutionsteam.com

08
Nov

 

New Listing - Income Opportunity

51-Acre Mobile Home Investment Property – Lookout Valley, TN

4509 Kellys Ferry Road, Chattanooga, TN 37419

Site Name : Lookout Valley Trailer Park
For Sale : $650,000
Zoning : R-3; Mobile Home

EASY INGRESS/EGRESS TO PROPERTY
1.5 MILES TO ACCESS INTERSTATE
LOCATED OFF PRIMARY TRAFFIC ROUTE IN AREA – CUMMINGS HWY
GORGEOUS SCENIC VIEWS OF SURROUNDING PROPERTIES
CURRENT OWNER HAD CITY COUNCIL PRE-APPROVE ZONING TO ALLOW A TOTAL OF 100 UNITS

 

Description Overview

Subject property features a 51-acre mobile home park in Lookout Valley, located just 6 miles outside downtown Chattanooga. There are currently 40 existing trailers sites, 16 of which are occupied. Great potential for future expansion. Current owner had land re-zoned to allow a total of 100 trailer sites on property.

Perfect opportunity for investor seeking land with growth capability and significant upside but does not require heavy involvement in property management. Tenants provide trailer and pay $175.00/month for the site. Also, Tenants pay for their own site’s water and electricity — individual hookups provided for each plat.

 

Location Overview

Lookout Valley is located 6 mins. outside of downtown Chattanooga and is nestled among Raccoon Mountain, Elder Mountain and Lookout Mountain. The area has experienced tremendous recent growth, especially in the residential construction of resort style “planned communities”, such as Black Creek Community – which is a neighborhood situated along one of TN’s finest golf courses; the area has been and continues to plan to capitalize on the high traffic that tourist attractions and proximity to the interstate bring to Exit 11 by adding fast food chains, retail and restaurants. As its residential population continues to expand, the area will evolve to meet the needs of an ever-growing community.

Though the area has been under steady development, there are several factors that will pose some limitations on Lookout Valley’s future growth. Approximately 46% of the land contains steep slopes (slopes of 25% or greater) making further development seemingly impossible on a vast majority of the land. Likewise, the area is made up of numerous water systems — Tennessee River, Lookout Creek and Black Creek — that cause approximately 8% of the total acreage to lie in the 100 year floodplain. Available property with mostly level topography and considered to be out of the floodplain will be on high demand throughout Lookout Valley’s future development. 4509 Kellys Ferry Road is not considered to be threatened by either of these limitations.
Location Highlights:

1.5 miles to access I-24 via Lookout Valley; great location to I-24 allows access to I-24 interchange which intersects with I-59 and US 27; immediate access to Cummings Highway

Lookout Valley Neighborhood Association has one of the best programs in the Southeast

 

Investment Overview

EXPENSES:
DUMP : $103.00/MONTH
SEWER PUMP: $15.00/MONTH
TAXES : $4,498.00/YEAR
INSURANCE : $828.00/YEAR
GROSS INCOME : +/-$30,000/YEAR
WITH EXPENSES: +/-$23,000/YEAR

POTENTIAL INCOME : +/-$210,000/YEAR
100 SITES AT 100% OCCUPANCY; EACH SITE PAYS $175.00/MONTH

 

Contact Information

Joe Pleva, Director
Keller Williams®
202 Manufacturers Road
Chattanooga, TN 37405

Mobile: 423-667-6204
Office: 423-664-1550
Fax: 423-826-4951
Email: Joe@yourrealtysolutionsteam.com

 

Photographs

 

4509-kellys-ferry-road-lookout-valley-tn-1

4509-kellys-ferry-road-lookout-valley-tn-3

25
Sep

This excellent 5-minute video presentation from the Financial Times describes how Chattanooga has aggressively moved forward in its efforts to move beyond the post-industrial era and into the information age at a speed that’s faster than anywhere else in the western hemisphere.

Chattanooga is the only city in the United States that offers 1 gigabyte a second of broadband Internet access to every residential and business customer. And the speed, 200 times the national average, has opened the city to a wave of entrepreneurs, manufacturing facilities and investors.

 

Contact Information

Joe Pleva, Director
Keller Williams®
202 Manufacturers Road
Chattanooga, TN 37405

Mobile: 423-667-6204
Office: 423-664-1550
Fax: 423-826-4951
Email: Joe@yourrealtysolutionsteam.com

23
Sep

A significant number of people attempt to sell their homes via the process known as FSBO (“For Sale By Owner.”). This is generally due to the fact that these sellers believe they will save thousands of dollars in commissions by handling everything themselves. Unfortunately, this is seldom the case because those thousands of “saved” commission dollars are usually used up and exceeded by completing the tasks that are seen to by a realtor.

A realtor is a professional home seller. Ask yourself this: If you needed to have a cavity filled would you do it yourself, or have your spouse do it for you? Of course not. Or, if you were involved in litigation would you handle it yourself or enlist the services of an attorney? If it was a significant legal matter then you would most certainly hire an attorney. Now then, why would you allow a non-professional (“you”) to sell your home? After all, for most people it’s their most valuable asset?

Realtors provide services that are not only designed to ease your home sale, but also to provide services that are designed to specifically protect your investment. One of the most valuable things that a professional real estate agent can provide is marketing. Unlike selling by yourself, a realtor has access to a huge variety of advertising mediums.

Typically, a realtor will have an established web presence. In addition to listing your home on the local MLS, an agent will have a personal site that is designed to showcase their listings. Additional marketing, using time-tested strategies, is usually done through newspapers and other print media as well as through a variety of flyers and information sheets that are available 24/7.

Another very important aspect of home marketing where a realtors comes in handy is in the relationships they retain with other real estate professionals. A realtor will put considerable effort into marketing your home to other local realtors in order to best reach the buying market. Home selling is all about positive exposure for the home and only a realtor can provide that degree of exposure.

As you can see, there is a reason that a large percentage of FSBO’s eventually end up listing with a realtor in order to get the coverage and price they deserve.

 

Contact Information

Joe Pleva, Director
Keller Williams®
202 Manufacturers Road
Chattanooga, TN 37405

Mobile: 423-667-6204
Office: 423-664-1550
Fax: 423-826-4951
Email: Joe@yourrealtysolutionsteam.com

18
Sep

Commercial real estate investing can be very rewarding for those who take the time and effort to approach it wisely, but it can be a trap for those who rush in without doing the proper homework.

Too often, investors rush into buying a property for all the wrong reasons – “it’s a good deal,” a “bargain opportunity” and the list goes on. Then they wonder what happened when the investment either falls flat or becomes a full time job.

If you are serious about building significant wealth from commercial property investment, you must have a proper investment strategy. This is a get rich slow business that requires patience, planning and persistence.

The key elements to any property investment strategy include:

Get your personal financial affairs in order and make sure they are geared towards building wealth, not paying off consumer debt. Also, check your credit rating to make sure it is in order.

Draw up a list of your criteria for property type, size and location. Be aware that each type of property requires a different set of skills to manage and offers varying rates of return. It is much easier to fit the property to your strengths rather than you try and change to fit the property.

Study your local market so you can quickly identify opportunities that are within your capacity to act on. It’s no use looking to invest in an area where you don’t have on the ground knowledge.

Be prepared to study and learn. Once you’ve spotted a possible deal, you need to be able to accurately value a property based on its condition, your return expectation, and your borrowing power. You need to understand why “what is it worth” is the wrong question to ask, and how to answer the right question “what is it worth to me?”

And last but not least, you need to learn how to structure deals and make offers too good to refuse.

When you have done this homework properly, you will be in a position to act decisively, reap the profits and keep them. Of course, you will need to consult regularly with your accountant on tax planning and asset protection, which are cornerstones of any wealth building plan.

Once your overall planning is done, the next step is to select your real estate team. You will need a good real estate agent, loan officer, tax advisor, and lawyer. These people are critical to your success because the investor with the best knowledge can quickly identify the properties to ignore and those worth considering.

Remember the old adage, “the quick and the dead” – the speed at which you can close a deal will give you the edge in any type of market. In addition, your advisors can point you in the right direction regarding finance, tax and legal issues.

Also, there is a good reason behind the catch cry, “location, location, value”. You want a return on your dollar so you are looking for a property that requires some attention so you can add value.
One strategy is to buy real estate in up-and-coming area with new developments or renovated properties. This makes it easy to attract and keep good tenants and leads to greater returns.

Another tactic to add value is to buy properties in solid locations but require some maintenance or upgrading, such as improving the aesthetic appeal of the building, thus instantly improving its value with little outlay.

In regard to financing, banks are the most obvious first lender, but commercial loans are not quite as simple as the more commonly known residential loans and you should always seek professional advice from your accountant and legal advisor.

You should also understand the various methods of financing, such as double closing, lease options, and contract for deed.

Double closing has attracted negative publicity lately, but only because it is misunderstood. This is a perfectly legal, moral and ethical method of trading that has been around for 100 years or more.

A double closing is simply two back-to-back closings wherein the proceeds from the second closing are used to fund the first closing. Both closings are done in escrow, so the “middleman” can buy and resell a property for profit without putting up their own cash.

The main downside you have to be careful of is that the closing rarely goes to plan and there are delays of up to a few weeks, which can cause the plan to unravel. Make sure any contract allows for this and you should be covered.

Contract for deed is an agreement whereby the buyer makes installment payments on an arrangement similar to car financing. That is, the seller holds the title to the property while the buyer has the equitable title.

Lease options consist of two elements, the first of which is the lease. This is a contract for use and possession of the property, thus creating a lessor/lessee relationship.

The second element provides a purchase option, which is a unilateral agreement where the seller agrees to give the buyer the exclusive right to the leased property. This is NOT a sale.

Make the effort to prepare your own income and expenses pro formas from the beginning, or get your accountant to do it. Don’t rely on operating results or projections presented by the agent or the seller – chances are the seller will overstate income and understate expenses, then claim ignorance if challenged.

The only way to know the investment value of what the property is worth to you, is to develop an accurate projection of income and expenses, which can only be obtained by researching the market and determining in advance what the cash flow will be once your investment and management plan is in place.

Also, you need at least a 20-25 % down payment to get access to the best financing terms. You can still get finance on a payment down to 10% but you will pay more interest, loan fees and private mortgage insurance.

Remember, borrowing to cover the majority of your acquisition costs can boost your rates of return, but too much debt expense can be dangerous if the market takes a downturn.

 

Contact Information

Joe Pleva, Director
Keller Williams®
202 Manufacturers Road
Chattanooga, TN 37405

Mobile: 423-667-6204
Office: 423-664-1550
Fax: 423-826-4951
Email: Joe@yourrealtysolutionsteam.com

16
Sep

Here’s an interesting video that I recently came across. It’s been roughly 2-years since it was produced. However, I think the concepts presented remain valid.

In this short 6-minute video HIS Capital Group Managing Member Rick Melero discusses 3 steps to connect with investors for your commercial real estate projects. 1) You let them sell you (add value to them first) 2) Show your System 3) Draft and enter into a JV agreement.

Here are some comments left by others who have watched this video:

  • This is an AMAZING strategy on how to build relationships with investors by adding VALUE first rather than simply pushing and promoting your services. This will distinguish from your competition.
  • This is so true, especially now when the markets are going crazy and real estate is a stable asset that is tangible and a great hedge against inflation. All the money we need is just sitting right under our noses!
  • I am in total agreement with what Rick is talking about “Relationships” that is the key for success! give them some value! Thanks Rick!
  • Of all the real estate “gurus” offering (selling) advice, no one SHOWS you how to succeed like Rick Melero. In just a few short minutes Rick gives you all the ins and outs of private placement programs and how you (personally) can connect and add value to others so that they will want to do business with you.
  • Put your money to work! I agree! Make your money serve you and not the other way around. HIS Real Estate Network has a very good track record in making your money work for you.
  • Finding investors equals selling securities. Must be very careful not to violate SEC regulations. Appreciate for sharing the idea of how you deal with. Thank you Rick Melero.

 

Contact Information

Joe Pleva, Director
Keller Williams®
202 Manufacturers Road
Chattanooga, TN 37405

Mobile: 423-667-6204
Office: 423-664-1550
Fax: 423-826-4951
Email: Joe@yourrealtysolutionsteam.com

Learn why Joe Pleva is a top-performing realtor. Click here to watch a short video.

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