So, this is a deal I’m considering… it’s a small commercial property, currently occupied by the owner, who’s running a truck accessories store. He has the property listed for $229,000 on craigslist. I believe he plans on closing up shop after a sale, and just retiring. So the property will likely be vacant. Anyways, what I’m wondering, is how do I determine the true value of this property. Do I just call up a commercial realtor, and ask him what the going price per square foot in that part of town is?
I’m thinking that ideally, this deal might be a candidate for a master lease agreement, since I’m guessing whatever its value now is, once the property is vacant its going to be worth less until I get a tenant in there, right??