GM Properties Maximizing Returns on a Family-Owned Property

GM Properties has provided a private real estate investor with Property Management support since 2021. After the family’s mother and father aged out of managing a 41,000 sf, 2.5-acre lot, the family’s daughter contacted GM Properties for assistance when she moved out of state. There were many upfront challenges to be strategically resolved. 

The multi-tenant property was intended as lite industrial and single-tenant office space, but the parking lot had become primarily occupied by RVs, boats, and containers as result of leases, which left little space for the building’s tenants. To compensate, the family had allocated tenants below-market rents. Once on board, GM Properties freed up space for tenants in the parking lot. Then, the team identified the building’s physical issues and managed strategic capital improvement projects to repair the main waterline and resurface the parking lot. 

After the improvements were made, the team initiated a lease renewal process that brought desirable tenants up to market rates and created vacancies for new tenants. Within 18 months of working with GM Properties, the family’s monthly net went from $13,000 to $38,000. The family now realizes over $250,000 a year in additional income. They were so satisfied that their CPA called GM Properties after filing the family’s tax return to thank the team personally.

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