Commercial/ Industrial Property
I inherited a 1.6 acre property, which currently has a home and an automotive repair shop on the property. I inherited the property when my father passed away in 2016. The home, in my opinion, is worthless as the property is now zoned Heavy Commercial/ Light Industrial and the home would need too much work to salvage. The shop has two bays with one side having an automotive lift. There is a small office and bathroom in the shop as well. About 15 years ago there was an automotive auction constructed across the street from the property which increased the value significantly. The subject property is not paved. Adjacent to the property is a used car lot who’s owner is pretty interested in the subject property. This car lot is on a road that sees about 19,000 cars a day. Honestly I have no idea what to do with the property. When my dad owned it he wanted to turn the property into storage units which I think would still be an option today. My other option is to sell the property and take the cash to invest in other rental properties. I could also lease the property to the car lot. Does anyone have a lot of experience with commercial that would be able to lead me in the right direction here? Any information would be appreciated.