Every property has its own story, and nearly everyone combines challenges and opportunities. Case in point: The sale of 165 Park Street in Troy. What started as a cold call quickly turned into a complex but rewarding transaction in which timing, strategy, and vision made the difference. This property had been in the same family for decades, managed entirely by the parents until their passing. The children lived out of state and were uncertain about what to do next. Should they manage the property from afar, or was it time to sell?
The family contacted us to help them decide. Clearly the property had seen better days. Deferred maintenance was stacking up—everything from a worn roof to a neglected parking lot. So selling 165 Park Street seemed a better option than long-distance management. But selling wasn’t going to be straightforward.
Our first step was to assess the property’s potential, despite the maintenance issues. The location was strong. Using our knowledge of the local market and our connections with contractors, we quickly gathered estimates to give the family a realistic picture of the property’s value.
Next, we positioned the property as an opportunity for investors looking for a well-located asset with plenty of potential. Could we find the right buyer—someone who could see past the surface and appreciate the long-term upside?
In our marketing, we saw a fair amount of competition among inquirers. We played a bit of a waiting game to find someone who wasn’t just looking for a quick win, but who was willing to invest in the property’s future. Ultimately, we found a buyer who recognized the opportunity we saw from the beginning. They had a clear plan to make improvements over time and turn the property it into an even stronger asset.
For the sellers, this sale was a chance to close a long chapter of the family’s story. And for the buyer, 165 Park Street was a promising investment that will only grow in value as improvements are made. Both sides were happy with the deal we put together—competitive, fair, and a true reflection of the property’s potential.
What made this deal a success was our ability to see beyond the challenges, leveraging our knowledge of the market and our resources to match the right buyer with the right property. It’s a reminder that, with the right strategy, even properties with deferred maintenance can become valuable assets.
If you’re facing a similar situation or simply looking for trusted advice on your commercial real estate, I’m here to help. Feel free to reach out to me, Jordan Schafer, at jschafer@thomasduke.com or call (248) 479-0130. Let’s find a way to get the most out of your property.
