The last stretch sage of verbiage sliding into the New Vaults Central pre-purchase journey.
(going to purposely mix-up the numbers a bit so I don't get accuse of NDA breach for industrial "Garage" real estate DD that didn't materialize for me)
- During the time waiting on Vaults North contractually-sold phase, there was a 6,000 sqft cinderblock 12'-14' total height (that's the height for that era of builds mostly), standalone, 1960 built, 5 garages at 1,200 sqft each, fully tenanted building on sale $1.6-1.75 mil (Cdn$), but since I was taught from the boomer generation, don't count your chicken till they hatch (i.e. till money is actually IN your bank account, regardless if it's firm sale), you never know what could go wrong (Vaults North sale), so I didn't want to go too deep paying for environmental, submit mortgage app, submit offer. Pretty insane though, this multi bay 5 small garage plex sold within 2 days, there was no way I had my ducks in order anyways. (2021-2022 era)
- Looked at few small bays 2,000-2,500sqft. Condomium/ HOA controlled, with some the books were poorly kept to in eyes, low reserve funds for older building, etc. 1950-60's built, or some of the 1980-1996 builts uses 2x6" wood frame and old school stucco (i.e. mold/moisture/envelope issues)
- Then looked at another standalone investment sale, $2.0-2.3 mil, 1960's built, 5 bays, 1,500sqft each bay, 7,500 sqft building. Put my offer IN for this one, but then vendor/seller's agent wanted me to engage in a bidding war. Too deep for me to get into as a parttime handyman investor (i.e. I was going to hop from 1,500 sqft bay to 1,500 sqft as each tenancy expires and freshen them up). So no thanks to being pulled into these bidding wars
For these missing GJ months, the hustle-bustle/bored-sadden as post covid inflation rises, real estate in our small city starting to be attractive to bigger city folks moving here or investing, my old detached triple car garage bungalow got listed by the person that bought from me, they lived there for 2-3 years ish, saw the listing; boom got sold 1 day listing, full asking.
Just when I thought the odds are against me (Not going to chase R.E. bids, I'm scare of real estate bubbles), one random night, just went onto Vault developer's website, and there it was, they've announced a launch to a new central location Calgary Vault's II second site series.
Reached out to my Vaults contacts... The rest was history.
Next post, I'll map out the location...