Updated almost 15 years ago on . Most recent reply
Give me your thoughts on this property...
In my town I have an opportunity to purchase a piece of commercial property. It is currently rented to an established business that tends to be stable and itself is part of a larger privately owned chain of stores.
It is 6400Sqft, brick and has a 2nd story over part of it. The 2nd story is used currently for a small amount of overflow storage that could easily be put in it's huge basement and the 2nd story turned into a small efficiency apartment.
I talked with the Realtor and toured it. It, to the naked untrained eye, seems in decent shape with no obvious signs of distress. It is also bank owned as the previous owner lost all her property due to back taxes or foreclosures. I know here somewhat and to say she did/does not have a head for business would be an understatement.Price has been dropped on it twice IIRC was 75k last and now is 69k. I cannot recall what the original asking price was as it has been on the market almost a year.
It is on a $1500 month to month according to the Realtor. The upper could be sealed off from the bottom and an exterior stairway added and likely get $400 for the upper after being rehabbed.
Thoughts?