The Robertson

Executive Summary

GoCommercial has been retained to evaluate and recommend a disposition strategy for 410 South Wall Avenue — historically known as the Robertson Apartments, and more recently entitled as The Robertson, a Member of Radisson Individuals. The property is currently held by a secured lender following foreclosure, with a recoverable note balance of approximately $500,000.

The property sits at the intersection of three distinct value narratives: a partially-renovated 55-key boutique hotel with an active Radisson soft-brand affiliation; a fully historic 30–35 unit market-rate apartment conversion opportunity; and a ~30,000 sq ft downtown Joplin brick shell. Each of these narratives produces a different buyer and a different clearing price.

This analysis presents two explicit seller paths: (A) a packaged, deliberate marketed process designed to maximize price by monetizing the latent optionality in the asset, and (B) a Ten-X Auction disposition designed to maximize speed and certainty of exit at zero incremental cost to the seller. Both paths are executable by GoCommercial under a single engagement.

At-a-Glance Seller Economics

Property Overview

Historical & Physical Profile

The Robertson's Story

The Robertson is one of the architecturally distinctive buildings in downtown Joplin. Constructed in 1916–1917 by blacksmith-turned-developer Riley Robertson, it was built as a state-of-the-art "fireproof" apartment house, featuring innovations remarkable for that era: hollow clay tile fire separation between suites, murphy-style roll-away beds that converted to desks, solar tubes for interior daylight, and central vacuum. The building functioned as apartments for more than a century before being acquired for conversion to a boutique hotel.

In June 2021, Radisson Hotel Group Americas announced the signing of The Robertson as a member of the Radisson Individuals soft-brand collection — Radisson's affiliation program for independently owned boutique and historic hotels. The operator of record was Experience Management, LLC of Neosho, Missouri. Planned program: 55 guest rooms and suites, 1,200 sq ft of meeting space, a fitness center, and 1920s-themed public spaces including an on-site speakeasy and cigar bar. The project was expected to be the first new hotel opening in downtown Joplin in more than fifty years. It did not open.

The opportunity in front of the market today is to acquire the building and the entitlement stack at a deeply discounted basis, complete the renovation, and either (a) deliver the originally intended boutique hotel, or (b) reposition as a market-rate historic apartment conversion. Both paths benefit from a substantial federal + Missouri historic tax credit stack once the property is listed on the National Register of Historic Places.

Downtown Joplin Context — The Post-Tornado Redevelopment Story

No analysis of downtown Joplin commercial real estate is complete without the May 2011 EF-5 tornado context. The tornado, one of the deadliest in US history, destroyed roughly one-third of the city. Downtown Joplin was not in the direct path, but the rebuild that followed has driven more than $800 million of cumulative downtown and citywide investment over the subsequent decade and a half, including substantial state, federal, and CDBG-DR funding directed at downtown revitalization.

The relevant point for the Robertson disposition is that downtown Joplin today is a meaningfully different submarket than it was in 2011. The Downtown Joplin Alliance has driven sustained streetscape, housing, and small-business investment. Annual downtown construction volume has consistently exceeded $150M in recent years. The Robertson sits inside this active redevelopment corridor, and the buyer narrative should explicitly position the asset as the next chapter in a documented, well-capitalized downtown investment story — not as a one-off speculative play.

Comparable Sales & Market Context

Joplin is a thin market for true direct comparables to the Robertson. There is no recently transacted boutique hotel conversion in downtown Joplin, and historic-tax-credit-eligible mixed-use assets trade infrequently and largely off-market. Accordingly, the comparable framework below is intentionally regional and proxy-based, drawing on tertiary Missouri and Four-States-region historic conversions, downtown Joplin multifamily transactions, and small-market boutique hotel sales.

Direct & Proxy Comparables

Joplin Market Snapshot

Valuation Framework

GoCommercial has modeled three distinct valuation scenarios, each reflecting a different buyer profile and execution path. The as-is market value of the property today is a function of which buyer pool the asset is marketed to.

Scenario 1 — As-Is, Distressed Shell

Treats the property as a vacant downtown Joplin brick shell with no credit to the Radisson flag, no credit to electrical work unless documented, and no active historic tax credit application.

• Basis: Comparable tertiary Missouri downtown shells: $15 – $30 per sq ft
• Value range: ~$450,000 – $900,000
• Historical reference: Last public list price (as unfinished shell): $250,000

Scenario 2 — Stabilized Boutique Hotel (Radisson Individuals)

Assumes the renovation is completed, the Radisson Individuals affiliation is preserved and activated, and the property operates as originally planned.

• Basis: 55 keys × $140K – $200K per key (boutique/soft-brand, small market)
• Value range: $7.5M – $11.0M stabilized
• All-in project cost: $9.0M – $13.0M (including acquisition + $7–10M remaining hard/soft costs)

Scenario 3 — Stabilized Market-Rate Apartments

Assumes reconversion to 30–35 Class A historic apartments — a lower execution-risk alternative that preserves the same historic tax credit stack.

• Basis: ~32 units × $950 – $1,050/month blended rent
• NOI: ~$200,000 stabilized
• Value range: $2.4M – $3.2M stabilized
• All-in project cost: $4.0M – $5.9M (50–65% recoverable via historic tax credits)

Historic Tax Credit Stack — The Critical Value Lever

The single most important valuation lever in this asset is the combined federal and Missouri Historic Rehabilitation Tax Credit stack. The Robertson is NOT currently listed on the National Register of Historic Places — this is a verified and correctable gap that directly constrains current pricing.

Stackable Local Incentives — Beyond Historic Tax Credits

The historic tax credit stack is the primary value driver, but it is not the only one. A sophisticated buyer underwriting the Robertson will layer in additional Joplin- and Missouri-specific incentive programs that materially improve the deal economics.

The Two Disposition Paths

GoCommercial recommends presenting the property to the market under a dual-path framework. Both paths are pre-authorized in the listing agreement; the seller retains the option to pivot between them at any time based on the quality of the offers generated.

Path A — Packaged Marketed Process (Maximize Price)

The goal of Path A is to transform the asset from a "distressed stalled shell" in the market's perception to "an entitled boutique hotel conversion with a 55% tax credit stack and a Radisson flag." The pricing delta between these two framings is $200,000 – $400,000. The work to move from one to the other is packaging, not construction.

Critical Pre-Listing Actions (Path A Only)

The following four actions are essential to Path A. Without them, Path A collapses to shell pricing. With them, Path A produces a realistic clearing range of $650,000 – $850,000.

Path A Expected Outcome

• Pricing: Target list price: $895,000 (just under the psychological $900K / $16K-per-key hotel ceiling)
• Expected clearing range: $650,000 – $850,000
• Timeline: 120 – 180 days from listing agreement to close
• Process: 30-day packaging → 60-day marketed outreach → structured call-for-offers → best-and-final → 45-day close

Path B — Ten-X Auction (Speed & Certainty)

If the seller's primary objective is to liquidate the asset, recover the note, and redeploy capital with date-certain execution, Ten-X Auctions (now a CoStar company) is the most direct path. GoCommercial has deep, repeated experience running Ten-X-brokered dispositions and will manage the platform listing, buyer qualification, and closing at no additional cost to the seller beyond the single listing commission.

Why Ten-X Works for This Asset

• Execution certainty: Date-certain close with non-refundable deposit structure
• Reach: Nationwide exposure to 1,000+ active value-add and opportunistic CRE buyers on platform
• Timeline: 45 – 75 days from listing to close
• Floor protection: Reserve price protects seller's $500K breakeven floor
• Seller cost: Absorbed into GoCommercial's single listing commission — no incremental platform cost passed to seller

Ten-X Expected Outcome

• Reserve: $525,000 (seller floor at note breakeven + transaction costs)
• Expected clearing range: $450,000 – $625,000
• Trade-off: $100K – $250K of upside relative to Path A, in exchange for speed and certainty

Recommended Hybrid: Path A with Ten-X Backstop

GoCommercial's strongest recommendation is a sequenced, dual-path structure under a single listing agreement:

• Phase 1: Days 1–30 — Execute the four pre-listing actions; build the institutional data room and offering memorandum.
• Phase 2: Days 30–90 — Run a targeted marketed process to Missouri historic tax credit developers, boutique hotel sponsors, Radisson pipeline operators, and regional value-add buyers.
• Phase 3: Days 90–120 — Structured call-for-offers with a published bid deadline to create competitive tension and crystallize a best-and-final round.
• Phase 4: Day 120+ (if needed) — Automatic pivot to Ten-X Auction at a seller-approved reserve. Zero additional cost; GoCommercial manages end-to-end.

GoCommercial Marketing Strategy

This asset requires a marketing approach that is simultaneously national in reach and surgical in targeting. The buyer universe for a distressed, entitled, historic-tax-credit-eligible boutique hotel conversion in tertiary Missouri is small, specialized, and almost entirely concentrated within a 300-mile radius of the subject — but the highest-paying buyers within that universe are capital sources headquartered on the coasts. GoCommercial's nationally licensed platform reaches both.

National Platform, Missouri-Targeted Execution

GoCommercial is a commercial division of Compass Realty (NYSE:COMP), a publicly traded and nationally licensed real estate brokerage operating across all fifty states. For this engagement, we will leverage our national platform for capital and broker reach, while executing a Missouri- and Four-States-region-focused targeted buyer outreach strategy.

Phase 1: Institutional Media Production (Days 1–10)

• Architectural Video: Professionally produced architectural video profiling the Robertson's historic brick envelope, downtown Joplin redevelopment context, and the Radisson Individuals opportunity — narrative-driven, not amenity-focused.
• Aerial Drone Footage: Comprehensive aerial drone coverage of the building, downtown Joplin Historic District adjacency, and proximity to Route 66, I-44, and the Joplin commercial corridor.
• Matterport 3D Walkthrough: Full interior 3D scan of the building, including documented electrical work, enabling institutional buyers to complete initial physical diligence from their desks.
• Offering Memorandum: A full, data-rich institutional offering memorandum including historic tax credit stack modeling, Radisson Individuals pro forma, apartment alternative pro forma, comparable sales, and a stabilized valuation bridge.
• Virtual Data Room: Organized digital deal room containing title commitment, Phase I environmental, structural letter, electrical as-builts and permits, Radisson franchise correspondence, and National Register Part 1 submission.

Phase 2: Targeted Investor Outreach (Days 7–30)

• Missouri HTC Developer Direct Outreach: Direct, personalized outreach to GoCommercial's proprietary database of active Missouri-based historic tax credit syndicators and developers. Written follow-up within 48 hours of initial contact.
• Radisson Franchise Pipeline: Coordinated outreach to Radisson Hotel Group Americas franchise development team to identify qualified operators.
• National Broker Distribution: Targeted outreach to the top 300 national CRE brokers — each incentivized by a 5% co-broker commission.
• CRE Platform Distribution: Featured placement on CoStar, Crexi, LoopNet, and Ten-X's pre-auction channel.
• Regional Economic Development Outreach: Direct engagement with Downtown Joplin Alliance, Joplin Historic Preservation Commission, and the Missouri DED's HTC program.

Phase 3: Due Diligence Readiness & Transaction Management

• Due Diligence Package: Assembled by GoCommercial under the listing engagement — no additional cost to seller
• Transaction Management: Escrow, title, and lender coordination managed by GoCommercial's transaction management team
• Offer Evaluation & Negotiation: All offers presented to seller with written analysis and recommended response — seller retains full decision authority at every step
• Seller Reporting: Weekly written progress report to seller; 24/7 direct principal access throughout the engagement

Partnership Terms & Engagement Structure

This engagement structure reflects the distressed nature of the asset, the specialized buyer pool, the remote tertiary market location, and the substantial pre-listing packaging work required. GoCommercial's commission structure is designed to fully fund the marketing, packaging, and process work required to execute Path A — with no upfront cost to the seller.

Why a 10% Commission Structure

GoCommercial's standard commission on assets in this price tier, distress category, and remote geography is 10% total (5% listing / 5% co-broker). This structure reflects five specific realities:

• Specialized multi-narrative buyer pool: Hotel, apartment, or shell buyers are three separate universes requiring three distinct narratives and marketing tracks — triple the outreach work of a typical listing.
• At-risk pre-listing investment: The seller pays nothing for packaging unless the property closes. GoCommercial advances and absorbs all pre-listing costs at risk.
• Tertiary geography: Joplin is a four-hour drive from the nearest major capital market. Property visits, municipal coordination, and broker relationship-building require meaningful travel investment.
• Distressed asset complexity: Foreclosure assets require additional title work, contract structuring, and buyer education — the broker absorbs this complexity, not the seller.
• National broker force multiplier: The 5% co-broker commission ensures that every broker with a qualified buyer pitches this property first.

Why GoCommercial

The Seller-First Commitment

• Zero Upfront Fees: GoCommercial absorbs 100% of marketing, media, production, and packaging costs in advance. Reimbursement occurs only at closing, capped at $25K.
• Elite Buyer Verification: Every prospective buyer executes an NDA before accessing the data room. Proof-of-funds required before physical tour. Buyer qualification before LOI.
• Confidentiality Discipline: The seller's identity as a secured lender is never disclosed. The property is presented as a strategic disposition, not a distressed sale.
• Seller Authority: Seller retains full approval authority at every step — list price, offer acceptance, path selection, counter-offer strategy. GoCommercial advises; seller decides.
• Flexible Termination: The listing agreement is terminable by seller with 30 days notice after the initial 90-day packaging period. No long-term lock-in, no termination penalties.

Risk Analysis & Mitigating Factors

A credible disposition strategy requires honest treatment of the risks a sophisticated buyer will identify. Below is GoCommercial's anticipated buyer-concern framework and our prepared mitigating response for each.

Recommended Next Steps

GoCommercial is prepared to move immediately upon execution of the listing agreement. The following four action items define the critical path from engagement to closed transaction.

Seller Decision Point

If the objective is to maximize price: Execute Path A. Authorize the four pre-listing workstreams. Expected net to seller: $650,000 – $850,000 over 120 – 180 days. This is GoCommercial's strongest recommendation.

If the objective is simply to sell and recover the note: Execute Path B via Ten-X Auction. Expected net to seller: $450,000 – $625,000 over 45 – 75 days. GoCommercial has tremendous experience running Ten-X dispositions, and there is zero incremental platform cost to the seller.