In early 2008 MIP Real Estate began to warn clients that the city had proposed a 10% property tax on all commercial vacant properties. In the fall, many property owners were shocked to receive $30,000 tax bills on vacant properties that had been long boarded up and abandoned. The owners of 1415 H st promised me for years that they were not ever selling a building and they were primarily interested in maintaining a relationship with MIP as a potential buyer.

Facing a bloated tax bill and no desire to pump $100,000 into a building with no tenant, the owners decided to have Metro Investment Properties to market and sell the property. Upon completion of the sale, the property owners have worked with MIP Real Estate on two additional transactions and maintains a close relationship with our firm.

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