The primary challenge with selling this property was that 1170 Folly Road, which sat on the same size lot and was much more recently renovated, sold for significantly below our asking price in November of 2020. Additionally, 1226 Folly Road would require a significant investment in renovations to get the building to a workable condition.
We utilized our network to reach out to users with unique businesses that needed a unique space with a large lot such as motorcycle repair shops, salons, and flexible co-working spaces. We also effectively highlighted the property’s strengths: in-place zoning, high traffic counts, lot size, and proximity to Wal Mart. Lastly, whiel the sale of 1170 Folly Road did work against us as far as a comparable price, it also meant that the only other commercial property on that stretch of Folly Road was now off the market, which created some leverage for us.