I own a dark single tenant building. It is an old Good Year or Firestone type of building, 7500 sf. It has about 3000 feet of retail and 5000 where parts and repairs were accomplished. It admittedly needs new air conditioning, electrical, and water repairs. I have hired a broker, contacted the planning department and have spoken with the owners of the medium sized outdoor strip mall of which my property is an out parcel. 2 contractors agree that it would cost around $350,000 to demise into five 1500 sf units. I was told the property could sell but only for $500,000 and I would rather keep the building. The population in the town has increased by 10% over the last 8 years slowly moving down from the Charlotte area, the retail has been slowly improving, the housing prices increasing steadily albeit in the 2-2.5% range. I am asking for any suggestions. Thanks.
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