I just closed recently on this commercial transaction.
This building, known as the Shultz Building after its long time owners, sits at the intersection of Lincoln and 32nd Streets in Ogden. This building was also featured in a blog post last year entitled Scrap Metal Scoundrels.
As you can tell, the property is a diamond in the rough. At approximately 12,000 SQFT on nearly a half acre, the property was priced very affordably at $250,000.
We wrote an offer on the property in June of 2013 at list price. Due to the extensive repairs needed, we also asked that the property be seller financed so that funds could be spent on repairs. The sellers agreed and after several weeks of fine tuning the terms, the contract moved forward.
One issue my client faced was rezoning the property to comply with their plans for the space. Ogden City had already been working on a rezone plan for this area and so my client's application dovetailed nicely with their efforts. The rezone occurred without event.
The process took quite a while but the property should be a worthwhile asset after repairs are made. The space should provide room for growth for my client's business.
Congrats to my client!
If you are looking for a space for your business, CONTACT ME, and let's see what we can find that meets your needs.
No comments:
Post a Comment