Updated about 9 years ago on . Most recent reply
HELP evaluate offer for COMPLEX Commercial Deal
.66 acres in growing community. Busy hwy frontage. 4 commercial rental location on the site. Currently all rented out though 2 will soon be empty. 1 of them I will use for my wife's business (saving $1000+ a month for her current property she has for her business and storage) and the other will need to be rented. Biggest issue is that 2 of the buildings have history of flooding. It's a drainage issue and when it "floods" it get a couple inches in some spots and quickly goes out.
A local Engineering group has looked at the property and given recommendations. The sump/pump option was taken and has minimized it but not taken it away. There is an option for a retention pond and also there is drainage the city needs to clean out to speed flow that could very well help
With that it has never had an issue staying rented. Equal raw land in area is selling for 75-100k just for the land. I'm thinking I keep them rented and one day possibly tear down the flood buildings and build up a new building. All rent for $900 per month and they cover all utilities. Taxes 3800 a year. Insurance 4500 and flood 6500 if I get it. They recently reduced to 180k which I think they will take less....wondering how low should I offer, how to present with showing them why I think so low....PLEASE ADVISE!!!!