On Christmas Eve of 2016, Gateway Commercial Brokerage, Inc. secured an exclusive listing agreement with the owners of the apartment complex at the corner of Canal Street and Vine Street in the Old Bank Street Historic Distric of Decatur, Alabama. The owners had inherited the property through an estate and had no interest in managing the property. Therefore, the decision to sell was an easy one. The property had failed to sell when previously listed, and had been on and off the market in the months prior to Gateway acquiring the listing. Deferred maintenance issues and functional obsolenscence were contributing factors that had prevented these apartments from selling. During the listing period, the property remained 100% vacant. This posed a significant marketing challenge for an investment of this type. Despite the obstacles, Gateway went to work to secure a suitable buyer in a timely manner.
Utilizing the numerous commercial marketing and nteworking channels available, Gateway was successful in garnering interest from prospects as far away as California and New York. Within the span of a few months, the owners were successfully presented with competing offers for their property. Once the property was under contract, due diligence inspections were performed and estimates had been delivered. In this case, it was apparent that further negotiations would be necessary, based on the inspection reports. Gateway professionally re-negotiated a purchase price that was acceptable to the owners, and assisted the buyer customer throughout the process as well.
Gateway Commercial Brokerage, Inc. took an investment property that had previously failed to sell to the closing table in roughly 180 days. The owners were very satisfied with the outcome of this transaction, and the buyer secured a fantastic value-add investment, which will contribute to the growth of the City of Decatur. This was truly a unique property and an excellent example of how Gateway Commercial Brokerage, Inc. can be an invaluable resource for clients with any type of commercial real estate situation.
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