Looking at purchasing a Morton Building

[Tag Ogren]

Hello everyone, Today I looked at an investment building to buy and rent out. It is a 6500' Morton stick building on 1.75 acres. The building has 1500' office area and 5000' warehouse area. All of it if fully insulated and sheeted. HVAC in the office and a pellet stove for the warehouse. Ground and dock level doors. The lot has 200' of interstate frontage and is 5 minutes from the exit. The owner is asking $650,000. There is no realtor so he is very negotiable ( his words ). Currently there is a shortage in building that size in my area and they bring around $9 per foot. I know pre engineered steel buildings hold their value better, but don't know much about Morton Buildings other than they are glorified pole barns. Any input is appreciated, as this is my first purchase of sorts. I've owned a couple houses as primary homes but nothing commercial. Thanks in advance.