small commercial bldg with road frontage, creek & seller finance?
I have been reading, listening and thinking a LOT about real estate since making the decision to go all in on building a RE business. My expertise is in residential, but when looking for deals, I ran across a very small (.12 acre or 5227 sq ft) parcel with a building that probably needs torn down, filled with junk (it appears to have been a thrift/antiqui/stuff stand).
The building is about 800 sq ft, and the back of the property is a 10' wide shallow creek, but with enough water to hear it flow from the back and sides of the building. i did not hear it out front. It's got about 90' of road frontage on a secondary/frontage road leading from the nice part of town North to a touristy smaller town 5 miles North. It's got mobile home parks close by, old businesses all around, and some houses behind. It's not a nice part of town, but well loved by the locals.
I have not checked zoning other than to confirm it's commercial, but may also allow more/other uses.
I feel like this road will only get busier and the older properties will end up being upgraded as the town continues to push north.
The property is offered with seller financing for 80k, probably pretty negotiable, but I've not gotten a response from the seller yet.
I feel like the value will only go up from here, but can't figure a way to monetize the property in the meantime.
I don't think the building can be saved, but maybe the original house part could be, I've not been inside yet.
I know people turn larger lots on busy roads that will eventually be swallowed up into driving ranges and rock/stone yards to minimize development costs and monetize a property until it gets bought up, but this isn't big enough to do any of that. I don't really want to start a business there, but would be happy to raze the place and build something simple to rent, but what?
What can you put on such a small lot affordably that you could rent that doesn't need much parking and would still cash flow?
This is almost certainly not the right 'first commercial venture', but it's got me thinking, and wondering what I could do with it.
I'd love any feedback you might have for me.
Thanks