I'm looking for information about how I should go about purchasing a commercial retail/office building. I did not believe that I would be able to purchase something like this for a while let alone have the opportunity but My wife and I have found ourselves in a situation that might make it possible for us to purchase one ten to twenty years before I ever thought we would be able to. So I have not really started learning how to analyze those deals since I'm still trying to figure out flips.
The only things I know about the building are that there are five office/retail spaces and that the business we are purchasing uses 2 out of the five at a lease payment of $1800/ month, which more than likely makes each units lease $900 each month, bringing total lease to $4500 each month. I know the business we are purchasing currently signed a 5 year lease that expires at the end of this year which is when we intend to officially take over the business. Other than that the only other thing I know is that they apparently have a simple rent structure its just $900 a month and then the businesses take care of the utilities and everything else themselves.
Information about the land and building is that the building sits on 1.3 acres and the building is 11,080 sqft. three of the four businesses in there have been there forever and the fourth is a hair salon that just started. As far as I know the building should stay leased out fully for the foreseeable future with no changes except the hair salon. (our area sees hair salons come and go nearly ever season so who knows how long that one will remain.) There is about .25 acreas in front of the building that is not currently being used for anything other than grass.
According to the assessors site in 2017 the land was worth $113,260. The Building was worth $330,040. which brings the total to $443,300. I can not think of any other information that I know about the building.
I am mainly looking for any help with what I need to be looking for, how I should approach them about seller financing the property, how I should set up the deal. pretty much anything. I looked up in the podcasts section for any podcasts on the matter and none jumped out at me so if there are some in there that do speak on the subject id love to listen to them. Same with videos or other forum posts, or if you have any information you are willing to put on here that would be amazing as well. I just need a direction to start going into since I know nothing on the subject about purchasing a commercial office retail building so any help[ would be amazing! Thank you in advance!