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A vacant industrial box, a rare laydown yard, and a seller on a tight clock—this is the kind of deal that tests your underwriting, your discipline, and your speed. We take you inside a 20,000 SF warehouse marketed at $61/SF and explain why we priced it off a 16,000 SF “real” floor plate, how the 2.3-acre yard became the make-or-break feature, and what we did in 24 hours to de-risk the contract. From helical piers and roof warranties to electrical panel surprises, we show how to separate cosmetic noise from structural truth.

We walk through a compressed diligence timeline—35 days to inspect, 25 to close—and how lending drives the schedule more than the building does. You’ll hear how we tackled environmental concerns: an old underground storage tank without a clear no-further-action letter and asbestos in floor materials that can be managed through encapsulation or a targeted $25k remediation. We also detail the renovation game plan: fixing a damaged 13-by-13 roll-up, repainting for curb appeal, opening office mazes into efficient, comfortable layouts, and upgrading the break room and entry so teams actually want to work there. With 18–20 foot clear heights, ample three-phase power, and even a powder coating booth, the property sets up for flexible uses and potential micro-revenue streams.

On the numbers, we targeted market rents near $9–$10 NNN while stress-testing a $7 downside that still pencils strong cash-on-cash after stabilization. We explore why the yard supports rent resilience, how plumbing camera scans and line mapping cut TI costs, and why most tenants choose smarter layouts when shown the budget impact. Financing a vacant asset is never easy, but a supportive lender, 80% LTV, and a tight spread over the five-year Treasury turned urgency into momentum. If you’re serious about commercial real estate investing, this breakdown offers a practical blueprint: buy the footprint that truly leases, fix the expensive unknowns first, and design for speed to occupancy.

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