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Derek Sperzel
Pro Member
  • Rental Property Investor
  • Jeffersonville, IN
40
Votes |
72
Posts

Inherited a warehouse that is falling into dis-repair, what are our options?

Derek Sperzel
Pro Member
  • Rental Property Investor
  • Jeffersonville, IN
Posted

We inherited a warehouse in Central Ohio, and the roof is failing.  The building is over 120 years old, but is not considered a historical landmark, and is not nearing condemnation yet.  I contacted a deconstruction company, but they determined the buildings materials are not valuable enough for them to deconstruct at a profit.  

The warehouse is 16,254 sq ft over five floors.  The internal structure is sound and supported by wood pillars, wood floor joists, and wood beams(unfortunately they are coated in lead-based paint).  The building has about 15,000 sq ft of of original unfinished oak flooring.  The exterior of the building is clad in painted red brick, and was deemed unsalable by the deconstruction company.  

I am not arguing the deconstruction companies stance, but I am trying to find a solution to our dilemma.  Fortunately the property is in a part of town that is being revitalized, and the land is worth more than the structure.  From my research, I expect the cost of demolition would approach $80,000, but the value of the land would not cover the expense.  

We would appreciate any thoughts the BP community has.  

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