Buying my first Commercial property - Ideas?

[Rick R.]

Hi all,

I am reviewing a property in a small city close to Dallas Metroplex.  The lot is ~1acre with an office building and enough room to build another office building. The major drawback is that the lot size has 600ft road frontage and ~70ft deep. There is a railway track behind the property which limits on what can be build here. There are easements of 20ft for power lines, cable and water pipes.

Current office building has a tenant and is open to sign a long term lease ( 5years)

Property details: Price : $240k, Building size: 2300sqft, 

Rent: $2100/month. Landlord pays property taxes, insurance and maintenance: $700/month

Finance: 25% down and the rest bank loan.

This building takes half the property and another building of similar size can be build on rest of the lot. I am trying to see if this a decent deal for buy & hold and future expansion of another building. 

Also, any creative ideas on what can be build with 300ft road frontage and depth of ~70ft?