Commercial Property with billboards...advice
I wanted to get some advice on a piece of property that I want to buy.
This property (about 1/4 acre) has a 1000 sq ft building on it. The building is in terrible condition and I'm planning to salvage the building and build a 1000 sq/fl retail space for a fast food joint. The zoning is commercial and on busy street.
Expense:
The owner will sell for $130,000-$150,000.
I'm planning to salvage the building and build a 1000 sq/fleet retail for a fast food joint. Estimated would be $150,000 ( 150 per sq ft).
Income:
The billboard is generating $7,000/year
If the building is salvageable, net rents could be in the $13-$15/SF range. about $13,000/year
is there some potential on this property?