Identify real estates that are suitable for office/Hackbar

[diamondnegroni]

Location: Gangnam

Ideal Size: 1,400 sq ft / 140 m² [^2^] Description: Presently operating as a bar, this space is versatile enough to be transformed into a combined office area and bar.

Lease Details:

• Target Opening: April 2024
• Lease Duration: 2-3 year
• Security Deposit: up to 250K USD:
• Monthly Expenses: Rent plus utilities
• Premium required for the acquisition of existing fixtures and equipment [^1^]

Partnership Opportunities:

Opportunities are available for potential partnership to either co-own or co-operate the space with entities such as Manta and Mimo Capital.

[^1^]: under normal circumstances I would want to custom design the space and pick the furniture. [^2^]: i don't want to limit ourselves on space. instead we should set constraints around budget and location

[0x4007]

Security deposit is a big one. You think you can provide estimates/price ranges for all of these values?

[diamondnegroni]

Property 1 Location : 5 mins away from Apgujeong Rodeo Station https://naver.me/xZGpPBJo Floor : 2-3 Deposit : KRW 160,000,000 / $119,500 Monthly Rent : KRW 12,700,000 / $9,500 Monthly utilities: KRW 1,000,000 / $7,500 Size : 201 m2/ 2,170 sf Acquisition cost of the current business including fixtures : KRW 160,000,000 / $119,500 Pictures: https://drive.google.com/drive/folders/12YqkLBCy3s88RcUZS0snlTWu4F7H6XKq?usp=drive_link

Property 2 Location : 3 mins away from Apgujeong Rodeo Station https://naver.me/IgDnhaBt Floor : 2 Deposit: KRW 100,000,000 / $75,000 Monthly Rent: KRW 8,500,000 / $6,350 Monthly utilities : KRW 1,500,000 / $1,100 Size : 198 m2 / 2,133 sf Acquisition cost of the current business including fixtures : KRW 100,000,000 / $75,000 https://drive.google.com/drive/folders/1esz7UMTfCw4R-xxNy18608KcnUuSRxve?usp=drive_link

Property 3 Location : 3 mins away from Apgujeong Rodeo Station https://naver.me/I54TsLuo Floor : 4 and rooftop Deposit: KRW 80,000,000 / $60,000 Rent: KRW 5,200,000 / $3,900 Monthly utilities: KRW 300,000 / $225 Size : 148m2/ 1,601 st Acquisition cost of the current business including fixtures : KRW 150,000,000 / $112,000 https://drive.google.com/drive/folders/1hH_kRNNdfOXhRr3UK8dROZ8_ntSAeEij?usp=drive_link

[0x4007]

You should put these details in the comments ideally or place any Google drive documents in the shared Ubiquity team folder as we currently do not have access to any of those files.

lol those are all by pine & co. Pretty cool!

[diamondnegroni]

what's the link for Ubiquity team folder?

[0x4007]

https://drive.google.com/drive/folders/18er413Lhi2Ndq8fNJX4lzdfL9sWI2_aY

Google drive also allows you to add a shortcut to your Google drive root so that convenient easy to access this directory.

[diamondnegroni]

Images uploaded https://drive.google.com/drive/folders/1J60tyvF6zkQ0SZOV1gipxSFikzCVncZQ?usp=drive_link

[0x4007]

I think I see the most potential in the first one for being like an office/cafe. To clarify I think it makes sense for us to open up as an office first and then slowly transition to a community space.

Also curious to know if larger is more feasible? Like so that we can offer a space for presentations etc whenever there is a blockchain week type of time.

[0x4007]

Given the extremely high acquisition costs, I'm still very attracted to that empty third floor space idea.

Maybe not exactly that specific place, but the idea of getting an empty space.

We don't need to acquire a business for its reputation etc. We are making an entirely unique concept. Besides it would be an office space exclusively for the first 3-6 months.

Bear in mind that we can make an incredibly nice interior for $100k. It might even be passable for half that amount if we are smart about it.

Also the monthly rent is like 1/5 the price of the first place.

[diamondnegroni]

Sure I will share the list of empty office spaces from realtors

[diamondnegroni]

1. Joel Tower, Nonhyeon-dong 207-4, Floors 9 & 10
https://naver.me/xn6Ie5H4

   • Usage: Duplex (9th and 10th floors) with exclusive use of the rooftop. High ceiling of 5 meters.
   • Area: 45 평 (1,597.5 sf)
   • Deposit: 250 million KRW ($190,840.91 USD)
   • Rent: 11 million KRW per month ($8,396.95 USD)
   • Maintenance Fee: 1.75 million KRW ($1,336.65 USD)
   • View Listing


2. Samsung-dong 44-17
https://naver.me/xlCXrPHu

   • Area: 45 평 (1,597.5 sf)
   • Deposit: 100 million KRW ($76,336.36 USD)
   • Rent: 7.2 million KRW per month ($5,496.36 USD)
   • Maintenance Fee: 2.3 million KRW ($1,756.36 USD)
   • View Listing

3. Nonhyeon-dong 33-18, 2nd Floor
https://naver.me/FQRqFBio

   • Area: 55 평 (1,952.5 sf)
   • Deposit: 150 million KRW ($114,504.55 USD)
   • Rent: 10 million KRW per month ($7,633.64 USD)
   • View Listing


4. Yeoksam-dong 653-5
https://naver.me/5fPt3b3P
Area: 57 평 ( 2,028sf)

   • Deposit: 150 million KRW ($114,000 USD)
   • Rent: 13 million KRW per month ($9,800 USD)
   • Maintenance Fee: 2.3 million KRW ($1,740 USD)
   • View Listing (Details not provided)


5. Yeoksam-dong 706-9
https://naver.me/xgufgiVX

   • Area: 47 평 (1,668.5 sf)
   • Deposit: 100 million KRW ($76,336.36 USD)
   • Rent: 7.5 million KRW per month ($5,725.27 USD)
   • Maintenance Fee: 2.5 million KRW ($1,908.41 USD)
   • View Listing


6. Sinsa-dong 533-9, Floors 1 & 2
https://naver.me/5qapld8k

   • Area: 1st floor 10 평 (355 sf), 2nd floor 42 평 (1,491 sf)
   • Deposit: 300 million KRW ($229,009.09 USD)
   • Rent: 15 million KRW per month ($11,450.55 USD)
   • View Listing


7. Cheongdam-dong 52-6, 6th Floor
https://naver.me/5R8z5V6s

   • Area: 47 평 (1,668.5 sf)
   • Deposit: 100 million KRW ($76,336.36 USD)
   • Rent: 6.8 million KRW per month ($5,190.07 USD)
   • Maintenance Fee: 1.85 million KRW ($1,411.77 USD)
   • View Listing

[0x4007]

My personal rankings, in order of preference based on the images:

• 4 I love how open the space is. If it had higher ceilings I would say its basically perfect. I just wish there was a bit more bathroom space.
• 7 Feels like it has the potential to be a fancy office with that view and layout. I am particularly interested in how they laid out the electrical outlets in a grid like that. It seems very pragmatic. The ceilings are quite ugly though.
• 3 I really need to see this place empty. Its a bit hard to get a feel for it with all the clutter in the images I saw. Confused about this one. Does it come with all the furniture etc?
• 2 I like how close it is to mine, but I don't understand that glass hallway. It feels a bit claustrophobic with the layout decisions they made. I feel like we would have to tear down some stuff to open up the space more.
• 1 Mixed feelings on the terrace. I feel like we would be paying a premium for something we would barely use. Also feels a bit small with the inside space. I just realized you said there are two floors which can make it a lot more attractive, if the extra floor actually has a decent amount of inside space to use. Just looked at the price. Def not worth it.
• 5 I feel like the pictures really aren't doing it justice. I might want to see the space but I'm not excited about it based on the pictures. Although the view is not bad!
• 6 I'm really not excited about. Seems small and would need a lot of work.

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Are you able to access floor plans? This would be really helpful to get a better feel for the layouts.

[ubiquibot[bot]]

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[ubiquibot[bot]]

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[diamondnegroni]

Do you wanna tour 4,7,3, and 2 then ? I requested the floor plan for four properties

[0x4007]

And 5. Yes let me know

[0x4007]

@diamondnegroni @FernandVEYRIER is interested to see as well. Can you post details on time and location to meet when you find out?

[diamondnegroni]

Thursday 3pm at 역삼동 653

[0x4007]

http://www.aladinkorea.com/mobile/view/24914

[diamondnegroni]

Yeoksam 653 Floor plan.pdf Floor plan for http://www.aladinkorea.com/product/view/24914 aka No.1 Pick

[0x4007]

@diamondnegroni are there any images of the floor that we liked for 2. Samseong-dong?

[0x4007]

ChatGPT guesses (it didn't use the calculator so they aren't fully accurate) based on a 150,000 USD interior design budget for the big space at ~3913.79 square feet. For reference the budget is 250,000 - 750,000 USD. Without outside investment, I presume the sweet spot is ~375,000 USD for total project cost.

Certainly, here's the detailed breakdown for each office space, including deposits, three-year rent and maintenance costs, interior design budgets, and the total estimated costs with the deposit as a distinct line item.

1. Joel Tower

   • Deposit: $190,000
   • 3-Year Rent and Maintenance: $348,840
   • Interior Design Budget: $61,226
   • Total Estimated Cost: $600,066

2. Samsung-dong 44-17

   • Deposit: $76,000
   • 3-Year Rent and Maintenance: $259,920
   • Interior Design Budget: $61,226
   • Total Estimated Cost: $397,146

3. Nonhyeon-dong 33-18, 2nd Floor

   • Deposit: $114,000
   • 3-Year Rent and Maintenance: $273,600
   • Interior Design Budget: $74,831
   • Total Estimated Cost: $462,431

4. Yeoksam-dong 653-5

   • Deposit: $114,000
   • 3-Year Rent and Maintenance: $418,608
   • Interior Design Budget: $77,725
   • Total Estimated Cost: $610,333

5. Yeoksam-dong 706-9

   • Deposit: $76,000
   • 3-Year Rent and Maintenance: $273,600
   • Interior Design Budget: $63,947
   • Total Estimated Cost: $413,547

6. Sinsa-dong 533-9, Floors 1 & 2

   • Deposit: $228,000
   • 3-Year Rent and Maintenance: $410,400
   • Interior Design Budget: $70,750
   • Total Estimated Cost: $709,150

7. Cheongdam-dong 52-6, 6th Floor

   • Deposit: $76,000
   • 3-Year Rent and Maintenance: $236,664
   • Interior Design Budget: $63,947
   • Total Estimated Cost: $376,611

This structure clearly delineates the deposit, ongoing costs, and the additional expense for interior design, providing a comprehensive view of the total investment required for each space over three years.

[diamondnegroni]

I can ask for the images tomorrow

[diamondnegroni]

Pictures for each floor as below:

7 floor http://www.aladinkorea.com/product/view/25061

11 floor

https://land.naver.com/info/articleGallery.naver?startImage=Y&atclNo=2412070066&isGroupArticle=N&imageId=2412070066@20240312193819488392

9 floor

https://land.naver.com/info/articleGallery.naver?startImage=Y&atclNo=2410836335&isGroupArticle=N&imageId=2410836335@20240307193803261241