Looking at a fourplex that doesn't include surrounding land...

[Kimberly T.]

Hi all, it's been a little while since I've been on here due to various issues, but I'm getting back into looking at prospective deals to buy.

There is a fourplex in one of the markets we're interested in buying in, I have been watching them drop the price little by little for months.  It is one of 3 fourplexes all next to each other which appear to share a big parking lot in the back.  Well, the listing states that the lot size is only about 2,600 s.f. (the fourplex is a 2 story, about 3,400 s.f. total), so the "lot" is not much more than the footprint of the building.  I guess this means it doesn't include any of the surrounding landscaping/parking lot.  I looked it up on the county website, and it appears that each fourplex building is on its own "lot" (its own footprint) and all the surrounding land (landscaping and parking lot) are owned separately.  The land and other 2 fourplexes all appear to have the same owner.  I confirmed with the listing agent that the lot is about 2,600 s.f., and the land is owned (not leased).

Anyone seen anything like this before?  Thoughts?