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Updated about 1 year ago,

User Stats

15
Posts
9
Votes
Scott Anderson
  • Rental Property Investor
  • Central IL
9
Votes |
15
Posts

Purcahsed a 55,000 SQFT building at an auction - Need Guidance on what to do next!

Scott Anderson
  • Rental Property Investor
  • Central IL
Posted

I attend auctions and took a chance on a very unique property. I paid $10,000 for a 55,000 SQFT abandoned military cafeteria and post office sitting on 4.2 acres in Rantoul Illinois. I do not have experience with anything this large or the industrial asset class. The building in in rough shape, the roof is leaking, windows are broken, and the inside has been vandalized with graffiti. I also see a lot of potential for it as a warehouse because of its proximity to an interstate and being 1.5 hours from Chicago. There was an other abandoned building on the base listed for $19 a SQFT.

Trying to figure out the best option; list with a broker, try and find a tenant to lease it as-is, partner with someone with experience or market it myself (I have had bad experiences with agents and have a background in sales so I avoid using agents whenever possible)

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