Is this property worth 500k?

[Doug P.]

It is a commercial property located in south florida. On it there is a convenience store, one large warehouse with office space in front, and 5 small apartments they are kind of like little villas because they are are little free standing houses. heres the rent break down.

apartments = $600 each = $3000
Warehouse = $2,000 but is vacant at the moment.
Store = $3500 with lease

How much would you say this is worth? Property taxes are 10k.

Thanks,

Doug

[Jeffrey K.]

Get a bid to see how much it would be to individually meter the units. I dont like the fact that you pay everything. Price seems high to me. See if you can get it near 400k. I dont like the fact that you also have all these units that need to be rented. Do you have reserves to wait to find a commercial/industrial tenant in a down market in addition to carrying the vacant residential stuff? I also dont like the idea of a check cashing place. That tends to bring the wrong crowd.