Should I still close on this commercial property
I recently got an offer accepted to buy a 13,000 sq ft commercial building in a good area downtown.
I have a tenant in place.
The property is a value add property that i will rehab for the tenant. My plan is to refinance it after rehabbing and stabilizing-the property. The tenant wants to turn the property into an event space, beer garden, and food hall business.
My concern/question is, with all this corona virus, do you think the prices of commercial real estate will go down significantly? Will the cap rates rise in a couple of months?
Should I back away from the deal?
Im a fairly new investor and this is my first retail commercial deal ...any input would help!