# 381.   He Doubled His Cash Flow Without Buying a Single New Property

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Text version: https://stenobird.com/podcast/the-commercial-real-estate-investor-podcast-1247143/381-he-doubled-his-cash-flow-without-buying-a-single-new-property.md
Podcast: [The Commercial Real Estate Investor Podcast](https://stenobird.com/podcast/the-commercial-real-estate-investor-podcast-1247143)
Published: 2026-05-21T10:00:00+00:00
Episode link: https://www.tylercauble.com/podcast/episode381
Audio file: https://static1.squarespace.com/static/5c115fec9d5abbba78a23c93/t/6a0e1f116c910b5dba4cd8f7/1779469894015/Chris+Thorndike+Interview+-+v002.mp3
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Duration seconds: 2191

## Resource

Core Concept You don’t always need a new deal Chris realized he could get ~ 80% of the cash-flow upside of a new acquisition by further improving an existing property, with less time, less capital, and less risk . Micro-suites = outsized value from small spaces Converting an old car wash/warehouse into 6 micro suites created strong demand (120+ inquiries) and stable, high NOI with no vacancies for ~2.5 years. Phase 2: More tenants, more stability Reworking an extra 1,500 SF bay from 1 tenant into 4 micro units bumps NOI from ~$76k to ~$102–103k , while reducing lease-up risk via more, smaller tenants. Leverage LOIs + equity creatively Plan: gather LOIs for new suites → use them to secure a line of credit → fund renovation → then use new equity to springboard into the next deal. Purpose-driven investing plays well with the market Focus on “making space for small business” (micro spaces / small-bay flex) aligns with current demand and supports local operators squeezed by rising rents and costs.

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