12 year vacancy - too risky?

[Richard S.]

Found a 3000 sq ft condo space in Laurel. It’s still in vanilla shell. It’s been empty since it’s construction! The year was... 2006! There are several vacant condos around this unit. I was thinking of getting a dental office in it but there has to be a reason why no one touched it for 12 years, right?? Run away from this property? What would you do?

[Anthony McEvoy]

@Richard S.: Clearly there has not been any demand for the price.  You are asking the correct question... why?  Something has to be different for it to be worth it.

A few things... is it available for rent or for sale?  If for rent... was the price too high?  Is the market in the area changing?  Meaning... is there big development occurring or a major corporation moving in?  Did a Starbucks open up nearby?  If the area is stagnant, it probably is not worth it.

There is always the concern of non-use.  For example, is the plumbing still good?