The Madison Real Estate Group is dedicated to providing commercial property management services across California, Nevada, and Arizona that minimizes the liability owning real estate can cause our property owners. Our mission is to create solutions that will protect and preserve your assets and control exposure while meeting both State and Federal OSHA regulations.
Mixed Use Ground Retail / Hotel – Stockton CA
– 596 building code, health and safety, fire code, electrical and plumbing violations
– 22% delinquency rate PLUS tenants’ rent subsidies was suspended due to the poor condition of the property
– No on-site management
– Homeless people using drugs in the common area and squatters occupying one of the retail spaces
– Major deferred maintenance throughout the building. One unit was caught on fire while the tenant was using crack cocaine
– Outstanding penalties imposed by the city totaling over $64,000
– All licenses and permits to operate the hotel were expired
Results over a period of 8 months
– Madison Construction, a subsidiary of the Madison real Estate Group, was retained as the General Contractor and immediately cured all deferred maintenance, building code, health and safety and fire code violations.
– Hired on-site management team and obtained all necessary permits and licenses to operate the hotel
– Successfully convinced the city to waive the outstanding penalties
– Renovated all the occupied and vacant units
– Listed and sold the asset netting the seller over 235% MORE in net proceeds.