The Challenge and Investment in Renovating Commercial Properties

Paul Kerley of Salem, Oregon, has built up more than 30 years of practical experience in the real estate brokerage and property management fields. Before he established Commercial Property Resources, Inc., in the early 1980s, he concluded the successful sale of about half of the 500 apartment units he owned and managed. Paul Kerley’s activities in the field include the acquisition and major renovation of multifamily residential complexes such as the Salem, Oregon, area Albany Meadows property, which he renamed in 2007.

The run-down Albany Meadows site initially presented a number of challenges, including mold and extensive wear and damage to paint, carpeting, and fixtures. The Commercial Property Resources team repaired and upgraded the property to a high contemporary standard.

Any investor interested in purchasing a commercial property in poor condition with the aim of renovating it will want to do his or her due diligence by studying financial data on the local market, including the sub-market to which the property in question belongs. In addition, it will be necessary to compute the cost of purchase and renovation against a realistic final selling price.

You will also need to evaluate the neighborhood: An investment in a less-advantaged area could prove a wise one if the quality of local community infrastructure is beginning to rise. However, a purchase in a run-down area without such prospects may prove to be a losing battle.

Real Estate Administrative Action Plan

 

Paul Kerley, the owner and president of Commercial Property Resources, Inc., pursues real estate ownership and management transactions for his company in Salem, Oregon. Paul Kerley prefers dealing with properties that he is geographically close. This allows him and his co-owner, John Kerley, to personally handle property dealings near their home base in Salem, Oregon.

Mr. Kerley and his team continue to promote an administrative action plan that they developed to deal with real estate ventures for their company. The administrative action plan includes detailed steps that they believe are important in securing properties that satisfy their buyers.
First, they perform background and credit checks when needed. After that, they assess the area’s demographics and set rent levels to match the community’s needs. They then evaluate their lease agreements and update where necessary. Lastly, they make sure all units are empty, cleaned and inspected before leasing. If any repairs are needed, they make sure everything is up to a proper standard before leasing.

Their plan allows them to maintain the property in order to avoid further damage that occurs from not addressing the unit’s issues early on. Apart from that, they also establish policies for pets, furnishings, security, and utilities. Once the unit is ready, they advertise the available space to establish an ongoing waiting list for quick replacement of tenants.

Oregon Apartment Villas Purchased Under Commercial Property Resources

Paul Kerley is the owner and president of Commercial Property Resources, Inc. His company is based in Salem, Oregon. The company sells property from all over the country. Although he is based in Salem, Oregon, Paul Kerley also Is one of Lowes biggest customer in a twelve western state region.

Mr. Kerley recently sold a 28-unit apartment community in Hillsboro, Oregon. The community is called The Park Villa Apartments and is located at 2520-2668 NE Parkwood Street. The property was sold for $2.5 million, with the help of apartment broker, Gabe Johansen, under SMI Commercial Real Estate, LLC. The buyer is Mike Osborn and was represented by Dennis Salomon of Commercial Real Estate Services, LLC.

Aside from the Park Villa Community, Mr. Kerley also purchased an apartment complex with ten units at 1555-1573 Broadway in Salem, Oregon. He also purchased eight units at 110-118 Sunset Avenue N in Keizer, Oregon. Both properties cost $960,000 and were bought from Bill and Bernadine Ruark of Dayton, Oregon.

Willamette Valley Helps Produce Oregon’s Best Wine

Oregon-based property manager Paul Kerley is the owner and president of Commercial Property Resources, Inc. Located in the state capital of Salem, Paul Kerley owns over 1,000 residential properties in Oregon. Located in the Willamette valley, Salem, Oregon is an area perfectly suited to wine lovers and connoisseurs, with over 500 wineries.

Nicknamed, “Oregon Wine Country,” the Willamette valley is home to nearly 20,000 acres of vineyard. A whopping 14,027 acres of that is for the area’s main variety, pinot noir. The valley is dotted with vineyards and wineries, many of which offer wine tastings to thirsty travelers. For those who prefer guided tours, multiple touring companies throughout the valley offer the experience and knowledge of local connoisseurs to help you get the most out of your wine tasting trip.


April 1, 2017 will mark the second annual Willamette Valley Pinot Noir Barrel Auction. Wineries from all over the valley come together to present hand-crafted wines to a trade-only audience. This year’s auction welcomed over 400 guests who helped raise $476,000. All proceeds benefit the Willamette Valley Wineries Association, helping them further spread the word about the state’s wonderful wines.