2503 Gallatin Avenue Case Study
Front and Side Elevations After Parasol Management Was Hired
From Owner-Occupied Building to Real Estate Investment
When Parasol Property Management and The Cauble Group were engaged on 2503 Gallatin Avenue, the property had been owner-occupied by HairWorld since 2008. Since the owners didn’t come from a traditional commercial real estate investment background, TCG & Parasol advised the owners on how to revamp the property in order to attract high-quality tenants at maximum market rates. Parasol put together a management plan for the ownership, which included updates to the building with new paint, a beautiful mural, resealing and striping the parking lot, and new HVAC units.
Front Elevation Before Parasol
Side Elevation Before Parasol
Hands-off Investment
At approximately 11,000 square feet spread out over two stories, the property was well-suited for a multi-tenant scenario. Parasol advised the ownership on how to divide the space and structure the leases in order to accommodate multiple tenants in the most effective manner. These leases are triple net, meaning the owner is only responsible for maintaining the exterior / structure of the building. Common area maintenance (including Parasol’s management fees), property taxes, insurance, utilities, and interior maintenance are all passed as additional expenses to the tenants.
The owners of 2503 Gallatin Avenue live out of state and find it very convenient that Parasol collects rents, handles expenses, manages the property, and deposits their money straight into their bank account along with financial reports every month.