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Questions and Answers
Questions and Answers
What is the targeted rent for the industrial property in Lenoir, NC?
What is the targeted rent for the industrial property in Lenoir, NC?
$2.42 per sq ft
What is the expected annual revenue of the property at 85% occupancy?
What is the expected annual revenue of the property at 85% occupancy?
$2.2+ million
How much does Rore Investing plan to invest in renovations by the end of Q4 2023?
How much does Rore Investing plan to invest in renovations by the end of Q4 2023?
$1.2 million
What is the appraised value of the property 'as is'?
What is the appraised value of the property 'as is'?
What is the targeted internal rate of return (IRR) for investors?
What is the targeted internal rate of return (IRR) for investors?
Where is Rore Investments based?
Where is Rore Investments based?
What types of assets does Rore Investments currently own?
What types of assets does Rore Investments currently own?
What is the purchase price of the hotel in Boynton Beach, FL?
What is the purchase price of the hotel in Boynton Beach, FL?
What was the return on investment for the sold hotel in Windsor Locks, CT?
What was the return on investment for the sold hotel in Windsor Locks, CT?
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Investment Opportunity in Off-Market Industrial Property in Lenoir, NC
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Rore Investing is purchasing an 800,000 sq ft rentable industrial property in Lenoir, NC for $4 million.
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The property is already generating income from three long-term clients occupying over 224,000 sq ft.
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The target rent of the property is $2.42 per sq ft, which is 69% lower than the average rent in the submarket.
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The property is expected to generate $2.2+ million in annual revenue at an occupancy rate of 85%.
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Rore Investing plans to invest $1.2 million in renovations by the end of Q4 2023, increasing the property value to $17.1 million.
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The property is appraised "as is" for $9.8 million, over two times the purchase price.
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Investors can expect a targeted internal rate of return (IRR) of 73% on this investment.
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The property is located 1.5 hours from Charlotte with excellent accessibility to Highway 321.
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Industrial rents in Caldwell County submarket run for about $4.10/SF, which is 69% higher than the target rent for this property.
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In the past 10 years, rents in the submarket have cumulatively risen by 78.9%.
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Investors can expect to earn a cash-on-cash return of 11% in the first year and 28% in the second year.
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The investment plan includes a 24-month bridge loan at a rate of 12% with a refinance planned in year 3, by which point projected property value should be around $17 million.Rore History and Current Assets Summary
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Rore Investments is a real estate investment firm based in Florida.
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The company's current assets include warehouses, retail spaces, and hotels in various locations across the US.
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Rore Investments has a history of successful sales, with some assets generating a return on investment of over 100%.
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The company's current assets include a warehouse in High Point, NC, purchased for $1.9 million, and another warehouse in Hickory, NC, purchased for $2.55 million.
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Rore Investments also owns a retail space in Tallahassee, FL, purchased for $960,000, and a hotel in Boynton Beach, FL, purchased for $8.8 million.
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The company's largest hotel purchase was for a 152-room hotel in Miami, FL, for $15 million.
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Rore Investments has sold assets such as hotels and multi-family properties, with some generating an equity multiple of over 2.
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Sold assets include a hotel in Jacksonville, FL, purchased for $3 million and sold for $7.39 million, generating a 146% return on investment.
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Another sold asset was a hotel in Windsor Locks, CT, purchased for $1.75 million and sold for $2.6 million, with a 49% return on investment.
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Rore Investments also sold a multi-family property in Michigan for $2.9 million, generating a 123% equity multiple.
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The company's most recent sold asset was a hotel in Jacksonville, FL, purchased for $3 million and sold for $5.5 million, with a 46.54% internal rate of return.
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Overall, Rore Investments has a diversified portfolio of assets and a history of successful sales, making it a strong player in the real estate investment industry.
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