1106 Forrest Avenue Case Study
Front Elevations
After operating this commercially-zoned home in Five Points as an Airbnb, this owner decided they preferred to have long-term tenant in place. The Cauble Group listed the property for lease and found a local law firm to occupy the space. Once the property was leased, the owner hired Parasol Management to professionally manage the property, including all communications with the tenant, rent collections (including NNN pass-throughs), and exterior maintenance & repairs. Since the lease is NNN, the majority of interior issues (if any) are handled by the tenant.
Interior When Forrest Was Airbnb
Interior When Forrest Was Airbnb
Parasol made a few minor recommendations to the ownership in order to maintain the value and condition of the property: repairs to the fence, replacing the siding and window sills where necessary, and updating the landscaping. Having a single tenant net lease in place significantly increased the value of this property and with a longer-term commercial lease in place, this owner won’t have to worry about vacancy for quite some time.
When the owner is ready to refinance or sell the property, Parasol will be able to provide T12s, Cash Flow Statements, Rent Rolls, Balance Sheets, General Ledgers, Profit & Loss reports, and more to lenders or potential buyers.