BPers, as I was driving for dollars and ran across a vacant three unit strip mall that is classified as "the property of xyz city." I'm not sure if that means they own it or control it. While my focus is on residential real estate investing, I am curious to learn the fundamental aspects of researching and analyzing commercial properties for my own understanding.
Hard to say.
Why don't you call the city listed and see what is going on with it?
The tax assessor should have the scoop on it.
@Joel Owens , a phone call to the city was always something that I planned on doing. I'll update this thread once I get some results.
First you have to ask yourself "what do I want to do with this"?
If you want to buy and hold it you should. Get info from the city like total building square footage and Owner information. Skip trace the owner and find out what they are planning on doing with it.
If they want to sell. Get to know that product type. Get on Loopnet and Craigslist and find out what similar spaces are renting for per square foot. Shop some of the rental comps in the area. Once you get some numbers you can start to crunch numbers and find out what it might be worth.
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