Mix Use Property with Commercial Space

[Steffani R.]

I’m hoping someone can share some insight. We are looking to make an offer on our first multi family investment property. This is a mix use property with a commercial space on the first floor.

Asking price is $299,000 with an additional $60,000 for the bodega business already in place. The owner currently runs that business and wants out. However, we’re not interested in the actual business but we want the building. He’s selling it together.

He shared that he just wants out because he can’t run the business anymore. His wife use to do it for him & she, unfortunately, became sick recently leaving him no choice but to keep his current job AND work at the bodega. He also said business has been “going down”.

In other words, he’s in a rush to sell.

Again, we have no interest in the business nor do we know anyone that would be willing to rent it out (just yet).

My question is: I think it can get a little complicated being that it’s our first deal but I also think we can get this place for rather cheap. What would be a good starting offer? What should we do with that current business?

Any advice from experienced investors would be greatly appreciated!!

Thank you.