Real Estate Investing for Cash Flow with Kevin Bupp $250,000/Year Cash Flow from One “Small” Commercial Property | Ep. 979
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Mar 16, 2026 Saul Zenkevicius, a commercial investor who pivoted from residential to small-bay industrial and mall conversions. He explains how one small-bay deal replaced an 86-unit portfolio, why small-bay demand is durable, his specific buy box criteria, how he sources market intel, and his contrarian strategy for converting and revitalizing malls into cash-flow assets.
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One Industrial Building Replaced 86 Houses
- Saul replaced the cash flow from 86 single-family homes with one industrial building after refinancing and filling it with four tenants.
- He bought it for $900,000, put in $250,000, refinanced in eight months, and netted about $250,000/year cash flow.
Why Small Bay Industrial Became Institutional Meat
- Small-bay industrial demand surged due to e-commerce, reshoring, and essential-business resilience during COVID.
- Rents doubled from roughly $4–6/ft to $8–12/ft between 2018–2022, attracting institutional buyers into tertiary markets.
Use A Strict Industrial Buy Box
- Require strong demographics and technical specs before underwriting: median income ~ $65k within 3–5 miles and clear height ≥ 14 ft.
- Target buildings ≥30k ft when possible and markets with triple-net rents ≥ $8/ft to reach $10/ft within 24 months.