Updated over 12 years ago on . Most recent reply
Estimated Mixed-Use Value
Interested to know how to determine value of a Mixed-Use Commercial consisting of: two 3/2 rental units, 3 commercial store fronts on 50x100 lot.
5 units total. Stores combined approx 5k s.f., rentals 1k s.f. per.
Entire property vacant for several years (elderly gentleman purchased in 2000) and did absolutely nothing!
Vacant stores need complete gutting.
No rental history, I have future assumptions based on comps.
Assessed value: Land value $168,500, Building value $98,300.
Total assessed value: $268,800 (last time assessed by city in 2012)
Asking $350k, needs $100k in rehab.
My gut is buy near assessed value.
Seasoned Investors', your comments greatly appreciated!