Don’t Sell It Short : Properly Valuing Inheritance
Seller: The seller was an off-site owner whom inherited the property from his father. Faced with solicitations from other firms for under market valuations, the seller was in need of being educated on how to maximize his property value.
Transaction: The property consisted of a 7-Eleven with a gas station and a local Ethiopian restaurant. The owner of the property was not a local and had inherited the building from his father. He had been approached before I ever spoke to him by other companies with interest in purchasing his property in the mid 6% cap range. After a few brief conversations with SIP, the owner understood that he was under valuing his property.
Listed as an exclusive with SIP, the sale occurred quickly, closing in 90 days at a 5.84% cap.