Considering conversion of Industrial Building to Industrial Condo's

[Bob Baldwin]

Got a call from a lady whose husband owned an Industrial Bldg on 9 acres . It had been used by her husband who operated several businesses . The actual building is 65,000 SQ feet . It has been vacant for 4 years other than occasionally for some short term warehousing rental . Owner has no mortgage wife and kids want it gone . It had been listed with a commercial Agent and now that listing is expired .

I am further stating that in the past 4 years the commercial broker was neither able to sell the place nor get offers to lease out the whole place . From speaking to others in town I do see an interest in / need  for 10,,000 - 12,000  sq ft units for industrial / warehouse sites for sale and for lease . almost like Industrial Mini Storeage space .

The Bldg has 6 shipping / receiving Dock Doors along with a 14 ft wide drive up ramp that door is also 14 ft tall so you could literally drive a tractor trailer inside if need be 

My thinking ! Not confirmed yet would be to leave the shipping area intact leaving it as common area then further sub-dividing the rest of the space into industrial Condo's 10-12,000 sq ft each .

Have not talked Price yet with the seller but I get the impression they Really Really want out 

I would like your thoughts both Pro and Con to proceed with my due diligence ?

[Bob Baldwin]

Micheal : I bought it for 501 K knowing that " The Town Officials Mandated EPA compliance was needed "  I put 45 K into doing that  Cheaper than I was planning !! At that time my mother had a stroke and Dementia getting worse . I put the project on hold and went down to  Clearwater Florida / . While there about 2 weeks I got a  email from a local developer who had heard about the transaction . We exchanged contact info ,he looked the place over with his partner and a week later called me back with an offer .

               I settled at 701K  Plus had them write me out a seperate check splitting the cost of the EPA compliance document .
               I guess you would call this a Commercial Wholesale Deal !!