20,000 sq ft Commercial Property, NEED HELP.
Hi all,
Just joined BP, but I have been a frequent reader on the site. I am a commercial banker, and recently decided to jump into the investing side myself. I wanted to run somethings by some folks on here to see your opinions.
I had an individual approach me about a commercial property in a small town about an hour outside of DC and Baltimore. It was built in 1912, and its nearly 20,000 sq ft. It used to be an old garment factory, turned antique factory, now it has been vacant for two years.
The current owner passed away two years ago and the property has been held in his LLC (estate) ever since then. The asking price is approx $325k, with an assessed value close to $375k. I met with the listing agent today on it and she mentioned that the owners (the man's children) are interested in lowering the price soon to get it sold and out of the estate. It's around $15/sq ft now.
I have come to fall in love with the building due to its historical value, its character, but most importantly, the potential. Potential from microbrewery, to a wedding venue, piano bar, even a top of the line haunted house. I wanted to get everyone's opinions on the property, what I should look for as a buyer and ideas that some may have for the building.
Check out the pics of the building, and I've also attached some ideas I have found that interest me near the bottom.
Thank you to all!
Subject property:
Ideas to consider (wedding venue pics and a restaurant pic):