The warehouse I almost walked away from in Hamtramck surprised me

I was set to sign a lease on a 12,000 square foot spot near Hamtramck last month, but the inspection showed a cracked foundation and old wiring. I nearly backed out, figuring it was a money pit. Then the owner offered to split the repair costs and threw in six months free rent. I took the risk, and now two tenants already signed up for subleases. Has anyone else found that older Detroit buildings work out better than the shiny new ones?

3 comments

3 Comments

davis.adam20d ago

Heard a guy at a local meetup say the old brick places outlast the new builds because they were made before everyone cut corners. Sounds like your gamble paid off, good on you for pushing back on the terms.

the_faith20d ago

Good on you for pushing back" is doing a lot of heavy lifting there, @davis.adam. Pushing back got you six months free, sure, but cracked foundations have a way of coming back to bite you in ways that make rent discounts feel like pocket change. Old brick might outlast new builds, but that wiring is still from an era when knob and tube was the standard, and that's not a gamble I'd brag about yet. Let's check back in two years when the first tenant's insurance claim hits.

hayden14420d ago

Cracked foundations" is the part I'd worry about too. If the place shifted once, it'll shift again, and no rent discount covers the hassle of water seeping through a basement wall during spring thaw. I'd get an independent inspector to check the electrical and drainage before you sign anything long term, that saved me from a nightmare in a 1920s row house once.