Advice? Strategy to inquire about vacant Office Building

[Joseph Parker]

Every day on my way to and from work, I drive by a vacant commercial office building, built in 1980, approximately 14,500 square feet. I'm young so only know the more recent history of the building. Was rented out (at least part of the building) to an accounting firm for many years until maybe five years ago. The very back of the building was touched by a tornado we had a few years back which, from what I can tell, tore off the brick on the back 10% of the structure. It's a two-story building so I can't see what damage may have been done to the roof/interior, but pallets of new bricks have been sitting next to the building for literally the past two years, but no work has been done. I know who the owner is - an older gentleman who developed multiple neighborhoods in town and is very wealthy. He has had a mortgage on the property since at least 2003 based on city records.

Anyway...the building is in a very good location with high traffic counts, numerous fast food chains sharing the same street along with a large retail strip with national tenants, an elementary/middle school and a small university (Indiana University-Kokomo, which is quickly  growing with a 125-bed apartment complex being built down the road and opening in early 2019) all less than a quarter mile away.

The building has always interested me, and of course I have NO idea how much damage has been done to the roof and interior by both the tornado and the lack of use for multiple years.

My questions is this - what is the best strategy to approach the building owner and ask about his plans for the building and the possibility of a sale? I would love to see this property rehabbed and leased out as office space, or even build a relationship with the local university as their Fine Arts building is right next door to this property. I have the owner's home address and would prefer to write a letter, but am not sure exactly how to go about it. Any advice, suggestions, past experience??

[Simon W.]

Ask the owner what kind of damages are in the interior and exterior, ask if it is safe to code so you can have a tour.