Question about Charlottesville Commercial Property
I am looking to purchase a commercial property in the downtown mall in Charlottesville, VA. 6000 sq ft. total. The location is A class - perfect. There are two solid tenants (restaurants) with 5 year leases. They pay a combined $12,000 per month. Purchase price is $2.5 mil. Property tax is $12,000 per year. Plan is to place $500,000 as a down payment and then have rent pay mortgage.
Is this a good deal?