30/15 Assisted Living Property Questions - What are my options?
Hello BP!
I posted this in another forum without any response so I'm reposting here hoping for a few responses.
I have a lead on a property that I'm really not sure how to work with. I ended the conversation with the seller once I realised that I didn't know what questions I needed to ask and am looking to fill in the blanks. Below is all the information that I have currently but I get the feeling that I'm missing some pretty crucial pieces.
30 bed 15 bath
10,000 sq. Ft.
Built 1961 as senior housing
45 bedroom septic
9.45 acres
80,000 passing car count in front daily
12k rental income
Asking 1 mil.
Owner purchased in 1965 with initial plan to build 40 houses but zoning laws?
In 1978 city requested that he build a second floor to accommodate additional units (I don't know if this was ever completed)
Could convert to mini storage?
The seller told me about a mini storage property a few towns over that is on 2.7 acres, has a lower car count and is listed with an asking price of 2.5 mil.
The property is currently vacant aside from the seller and his immediate family. The sellers kids moved away so he wants to sell the property and move to Israel.
What else do I need to ask the seller? How do I comp/determine the value of this property? Is wholesaling a viable option with this? If not, should I consider structuring the deal differently or walk away?
Thanks!