Naomi Brown, CCIM was pleased to represent the sale of 128-134 Baltimore Street in Hanover, Pennsylvania.
Background
128-134 Baltimore St was a mixed-use property along the main road in downtown Hanover. Featuring 7 apartments, 7 storage/shop spaces, and 3 commercial units, this extremely well-maintained property had been held by the same owner for over 30 years. The owner held his business in one of the commercial spaces, and the property was fully leased with a strong cash flow and good upside potential.
Listing Period
The seller was ready to “semi-retire”, and closed the business they were operating in one of the property’s commercial spaces. The ultimate goal was to sell the property, transition to a much more passive income stream, and be able to spend more time in sunny Florida.
With that in mind, the sellers reached out to Naomi Brown. They had a long-standing relationship, having worked together on many real estate transactions in the past, and knew that she would be able to secure the desired outcome.
Prior to listing the property for sale, Naomi knew it was important to ensure everything was fully leased. The only unleased space was the recording studio that the seller had previously occupied, so Naomi went to work designing a listing campaign to find a new tenant. With her creative solutions, she was able to find a church that was excited to occupy the space.
Once the property was fully occupied, Naomi set about securing a buyer.
Sale
The property was fully listed for sale at the beginning of May 2024. By the end of June, Naomi secured a buyer who was excited about the high level of quality in the property, but their financing fell through as the deal proceeded. A second buyer was then secured, but they got cold feet.
Throughout the sale process, Naomi and the seller faced several issues with tenants, but were able to navigate successfully through each one.
“The sale of this property had many bumps along the road, but we appreciated having Naomi as an advocate to help us navigate the hazards and get us to a final closing.”
Happy Sellers
When the third buyer, a pair of best friends from their teenage years who had been business partners for over 7 years, presented themselves, Naomi was sure this was the one. The financing approval was carefully reviewed to make sure the closing could be successful. Keeping in mind the seller’s goal of having a passive income stream, Naomi explained the seller financing process and oriented the sale to include a seller-held second mortgage. She carefully reviewed the details of the second mortgage with the buyers, the buyers and sellers’ attorneys, and their CPAs to ensure everyone was comfortable.
Results
The third buyer was able to successfully close on the property at a competitive price for the market conditions. The seller was happy to secure immediate benefits from the sale as well as their passive income stream through the second mortgage. Both the buyer and the seller were pleased with the results, and Naomi was glad to help all parties navigate the process.
“We are excited to step into this property which was very well maintained by the current owners. Naomi was very responsive and easy to work with, and helped us get everything set up for a smooth transition.”
Satisfied Buyers
Ready to buy or sell investment properties? We have experience with properties and portfolios of all types and sizes, and can suggest creative solutions to help ensure all parties are pleased with the outcome. Contact us today to get started!
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