What’s Your Buy Box? · Commercial Real Estate 101

Bob Spurgeon

Apr '25 (edited) • Community Challenge

What’s Your Buy Box?

I'm working on clarifying my Buy Box. I thought it might help to hear what others in the community are targeting too.

Don’t overthink it — copy this and fill it out in 2 minutes:

🔢 Unit Count Range:
🏗 Asset Class:
🏛 Preferred Vintage:
📊 Cap Rate / Return Targets:
🔧 Value-Add Strategy:
💵 Price Range / Price Per Door:
⏳ Hold Period / Exit Strategy:
💰 How You Fund Deals:

Don't just 'like' this content...perform the exercise.

Sharing 3–5 details can help the rest of us understand where you're headed and maybe even spark some synergy.

I’ll go first:

Unit count range: 20–40 units
Target market(s): Local to Missouri, ideally within driving distance of Fort Leonard Wood (e.g., Pulaski County and surrounding areas)
Asset class (A, B, C): Class C+ to B
Preferred vintage (build year range): 1975–2015
Cap rate / return targets: Market cap rates or better; must show clear path to rent growth and strong cash-on-cash returns
Value-add strategy?: Yes – light to moderate value-add through unit upgrades, operational efficiencies, and improved management
Price range or price per door: $1M–$2.5M purchase price; approximately $40K–$70K per door
Hold period or exit strategy: Medium-term hold (3–7 years); refinance or strategic sale depending on performance
How you fund deals: Private investors; structured equity partnerships, syndication, bank financing

I’m focused on acquiring 20 to 40-unit multifamily properties in my local Missouri market, ideally within driving distance of Fort Leonard Wood. I’m targeting Class C+ to B assets with verifiable upside in rents—that’s a must for every deal I pursue.

I will work with private investors and banks to fund acquisitions in the $1M to $2.5M range, typically built between 1975 and 2015. I’m looking for properties that are under-managed or have below-market rents, with light to moderate value-add potential.

With community, I'll receive and the support from this community, I will underwrite quickly, close reliably, and I’m in this to build long-term broker and investor relationships.

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