Historical Commercial Renovation Expertise

[Rebecca Anne]

Hello- 

I am still fairly new to Commercial Real Estate Investment, personally and would appreciate any guidance on a potential deal I am considering. 

It is a 19th Century Historic Building in the heart of a busy midsize New England town. The building is in poor condition and needs a significant amount of upgrades, but I see a deal here for NNN. Specs are 13,880 SF, listed for $7.20 PSF (for sale). 

I would be gaining a private financial backer to cover full cash to seller cost + renovation, but before I look there I want to make sure the numbers would work. The space could be converted for many different uses (retail, office, restaurant, apts, etc.). For this to be a sound investment, what would be the ideal renovation budget range/percentage? I am thinking possible Sports Restaurant/Bar.

I want to be wise in this pursuit. Thanks ahead of time for any advisement.

-Rebecca