Vacant Retirement Home

[Adam Franco]

I have been driving past an old vacant retirement home for the past few months and it is finally up for auction, time to possibly make a move.  Here is my thinking, please share your experience to help me navigate this opportunity. 

I really only like one of the buildings which looks like it would be reasonable to develop into a 6-unit apartment building.  However this is a large 13 acre property once valued at over $1.3 million.  My thought is maybe to partner with another investor who has an interest in the rest of the property.

Details 

"The property consist of the original nursing home building consisting of 14,603+/- sq. ft. The annex consisting of 13,878+/- sq. ft., the laundry building consisting of 972+/- sq. ft. and the garage consisting of 960+/- sq. ft. All totalling 30,413+/- total sq. ft.

The buildings seem to be of poor condition and may be beyond repair. We urge all interested parties to fully inspect the property in its entirity before bidding.

The building sits on 13.84+/- acres that include a 2.22+/- acre pond. The property is currently zoned for commercial use."