Lofty 516 E 2nd St

Lofty 516 E 2nd St

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Location
The Dalles, OR
Projected Return
15.22%

Company Description

Commercial Retail Building on the Main Street in The Dalles, Oregon

Offering Details

  • Taylor Hou transferred his property's deed to a new LLC and is selling a portion of the LLC on the Lofty Marketplace. This property is the only asset owned by the LLC.
  • Tokens represent direct ownership in the LLC that owns the property. Taylor will maintain at least 10% ownership in the LLC indefinitely.
  • View proof of Taylor's ownership prior to the title transfer and proof of title transfer here. View the LLC documents here.

Property Details

  • Welcome to 516 E 2nd St, a prime commercial retail building situated on the bustling main street of The Dalles, Oregon.
  • This strategically located property sits almost at the heart of town, offering high visibility and easy access in a rapidly redeveloping area.
  • The building benefits from The Dalles' recent growth initiatives, which aim to attract both residential and mixed-use developments. With a thriving local economy and a robust community, this location is poised for continued success.
  • Additionally, the proximity to a major Google data center—just 3 miles away—adds a tech-savvy edge to the area, creating a vibrant and forward-looking business environment.
  • Per Taylor, the front lobby/entrance area, building signage, and the front 2 offices will be put up for lease in August with flexible terms. The additional rent will likely boost the rent to $2,500/month.
  • Depending on who rents the offices, the lobby may remain as common area space. The property may be able to get some consideration for the prime retail signage space that's currently blank.

More About the Seller

  • Taylor Hou is the Founder & Chief Happiness Officer at APM Help where they are the tech-enabled back office to hundreds of local property managers in America (specializing in property accounting and trust compliance).
  • They help manage over three hundred thousand residential rental units and have started sourcing deals from their clients with the mutual win-win of getting first looks when a landlord needs to sell and keeping the local property manager in place when a deal occurs.
  • Taylor's supply will focus on professionally managed, long term, stabilized rentals with timely and accurate financials certified by APM Help.

Property Management and Insurance

Property Leverage

  • This property has a loan balance of $155,750. View the loan agreement and recent statement here.
  • As the seller, Taylor Hou, pays down 100% of the loan payments, his equity percentage in the property will increase and the levered rental yield of investors will decrease over time. Investors have the ability to change this structure via a governance vote.

Occupancy Status

  • 5 year lease (06/01/2021 - 05/31/2026)
  • Triple Net Lease (NNN)
  • $2,000/month
  • Taylor's company, Amoriss CRG, leases the back half of the building via a lease-back
  • Tenant pays for all utilities
  • Per Taylor, the front lobby/entrance area, building signage, and the front 2 offices will be put up for lease in August with flexible terms. The additional rent will likely boost the rent to $2,500/month. Taylor is providing an additional credit of $500/month until the rent is raised to $2,500/month.
  • Lease Agreement

Location Data

  • "B-" Rating for Zip Code on Niche

Due Diligence Documents

Amount Raised : $0
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