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commercial DEAL

Michael Aldridge

Pinnacle Properties in Phoenix, AZ

This is a building I have owned for 14 years. I acquired the building in 2004 as a gray shell then proceeded to build it out to house our Mortgage company Copperstate Lending. Post mortgage meltdown, rather than have loan officers work out of the building I created an Executive Suites Company 'Simple Suites' and eventually had the building fully leased. The strategy was simple, rather than having a single tenant on a triple net lease, I had many tenants on gross leases paying up to $47 PSF rather than one tenant paying $18 PSF plus triple net fees. this 2500 sq ft building ended up producing gross income over $65000 per year and an NOI just over $49,000.

Commercial Details

Property City:
Phoenix
Property State:
AZ
Purchase Price:
$388,000
Sale Price:
$575,000
* These examples depicting income or earnings are NOT to be interpreted as common, typical, expected, or normal for an average student. Although we have numerous documented successful deals from our coaching students, we cannot track all of our students’ results, and therefore cannot provide a typical result. You should assume that the average person makes little to no money or could lose money as there is work and risk associated with investing in real estate. The students depicted have participated in advanced FortuneBuilders’ training and coaching. The participants shown are not paid for their stories; however, some of the students depicted may also be a FortuneBuilders' coach, and our coaches are compensated for their services. We believe in full transparency, so please read our Earnings and Income Disclaimers and Terms of Use

Case Study

How did the FortuneBuilders team and resources help you to accomplish this deal?

Attending the Commericial Academy with Paul Esajian and Jeff Carter certainly gave me the skills and understanding to prepare and market a commercial building with proficiency. Our building was sold at the highest price PSF in the immediate area in the past 12 mos . We just sold for $575,000 @ $230 PSF vs. the buidling next door to mine, an exact model match that sold for $388,000 @ only $155 PSF.