Tangodoe Investment Properties, LLC is a boutique Real Estate Development company that buys and restores financially under-performing commercial properties that have potentially high rates of return. We seek out projects that are passed on by other developers and investors for a variety of reasons.
Saving History 1 Building At a Time
Our main goals are to find historically significant buildings and save them through restoration from the ground up, rather than raze them. We typically look for properties that have “fleas” other developers don’t want to deal with. These fleas could consist of just being run down, rodent problems, historically high vacancies, or the geographic area is located in too premature for some short term developers and investors, etc. But, what they all have in common is being in the right geographic location of an excellent demographic area we think is up and coming within 3-5 years. With Seattle and Tacoma outpricing most home buyers, areas such as Bremerton, Chehalis, Poulsbo and Eastern Washington have purchase potential.
Our Historical interest came full circle while doing business in Issaquah. We were fortunate enough to purchase the oldest building in the City, built in 1887. It was the old IOOF Building, otherwise known as the Independent Order of Odd Fellows. There are a number of them situated in old parts of Cities all across the State and built to spec almost exactly alike. From there, we bought our next one built in the early 1900’s.
How We Work With Sellers
We offer Sellers the opportunity to buy their struggling property that might not sell due to a variety of reasons. One is its physical condition and the next reason could be high vacancies in the building. We have a very strong and knowledgeable team of Real Estate Professionals that are not only good at what they do, but are vested financially in the success of the property.
Respectful owner contracts are the only contracts we negotiate. It is up to us to navigate the questions and answers process with humility as to avoid offending the owners/sellers. While negotiating a purchase, our goals are to be respectful of what could be a dire situation for a Seller. We deal with them openly about what we have found during our due diligence, and share with them our approach to fixing those issues.
Jim Sullivan, Owner
Marketing and Sales Manager in Credit and collections with the last 2 years in upper management with GE Capital in New York City. Since then it’s been 25 years of Real Estate investment and development.
In 2000, I started full time developing commercial property. The goal was to have no employees, and nobody to answer to. I was going to negotiate the purchase of one project per year, and when finished, sell the building so there would be no management of tenants, and then roll the proceeds into 1031 Exchange properties.
In 2011 I decided to slow down, sold all my properties and started a little company called Jim’s Classic Garage. It was just me taking care of my own collector cars I had amassed over the years (13 of them).
After agreeing to restore a 1963 Corvette for an elderly gentleman, we were accidentally off to the races. Within 5 years, I had 4 shops including 15k sf of warehouse space at the Gig Harbor airport where we stored upwards of 75 cars for sale at any given time. I had 12 employees, and then started a Non Profit Teaching Museum and procured a contract with the Peninsula School District where we had up to 10 students at any given time. We then started teaching them business administrative courses as part of the classic car course.
Unfortunately, my wife and I funded 95% of this school and although in the end donations started to come in, when COVID hit, I was ready to take a break.
I am now focusing exclusively on Tangodoe Investments, LLC and excited to find new projects throughout Washington state.