Hi Team,
We reviewed a medical office lead in Arkansas last Saturday. Here are the key details:
- Asking Price: $1.74MM
- NOI: $129,000
- Monthly Income: $11,850
We initially explored four options, but the seller is only open to two:
Option 1: We proposed a cash offer of $ 1.1 million, but the seller is firm at $ 1.4 million.
Option 2: We considered taking over the existing mortgage, which carries a favorable 3.75% interest rate. The seller currently owes $600,000 and pays $5,200/month.
Our offer: $200,000 down, with monthly payments of $2,500 over 7 years.
Seller’s counter: $300,000 down and $3,500/month.
He also mentioned there's a lot behind the office that could potentially support an additional apartment building.
Would love to hear your thoughts on how best to proceed.