$235K Under List Price (Part of My $100M Mission)

I just closed on my newest commercial property acquisition, and this one’s particularly exciting because it represents another significant step toward my $100M Mission – my goal to build $100 million in real estate and business value by 2030.

Located just blocks away from my Depot project (the old train depot apartment complex I’m currently renovating), this property was listed at $785,000 for almost a year before I got it under contract. After some strategic negotiation, I purchased it for $550,000 – that’s $235,000 under the listing price.

Video version: 10k Sqft Commercial Property Just Purchased! Why Was it so Cheap?

Why this commercial property is such a good deal?

The property includes:

• A main commercial building (built in 1972)
• Two very old storage units (circa 1900s)
• A large yard area
• Approximately 10,000 total square feet

The significant discount came down to several challenges that scared away other buyers:

1. No sewer connection (though the line is adjacent to the property)
2. No gas connection (though it’s plumbed for propane)
3. Limited heating capabilities
4. Some structural issues needing attention

How to Invest in Commercial Real Estate

Current Market Value vs. Potential

At $55 per square foot, this purchase represents exceptional value in today’s market. For comparison:

• New construction costs in the area: ~$200/sq ft
• Similar properties in good condition: $120-150/sq ft

I’ve conservatively valued the property at $700,000 in its current condition. Once renovated, I believe it could be worth over $1 million.

Commercial vs. Residential Real Estate

Planned Improvements

We’re considering several upgrades:

1. Adding sewer connection
2. Installing bathroom facilities
3. Adding a small kitchen
4. Improving the heating system
5. Addressing structural issues
6. Potentially adding insulation
7. Possibly paving the dirt yard

Making Money with Rental Properties

The $100M Mission Update

This property adds significantly to my portfolio’s total value as part of my $100M Mission. I’m tracking progress through detailed charts showing:

• Total property values (green line)
• Outstanding loans (red line)
• Total equity (blue line)
• Business values (separate tracking)

The Mission includes all real estate I own 100% (not managed properties or partial ownership). I’ll be updating these numbers regularly on the website so you can follow along with my progress.

What’s Next?

I’ve got another exciting acquisition coming next week – a liquor store listed at $999,000 (stay tuned for the purchase price and details). This will add to both the real estate and business value portions of the portfolio.

Want to Join the $100M Mission?

While $100 million might seem like an ambitious target, breaking it down into strategic acquisitions like this commercial property makes it achievable. I invite you to join me on this journey – whether your goal is $1 million or $100 million, the principles remain the same:

1. Look for undervalued properties
2. Don’t be afraid of properties with fixable problems
3. Think long-term about value-add opportunities
4. Track your progress regularly
5. Keep pushing forward, even when deals seem challenging

Check my progress and join at investfourmore.com/100m.

Follow along with my progress and share your own wealth-building journey as we work toward these ambitious goals together.