Are former banks a good investment?

[Ron Edward]

I would appreciate some advice and input please.

I found a recently defunct, approx 3,700 sq ft, bank bldg in excellent condition with all the office furniture, teller electronics, security system, vaults, lockboxes, parking lot lighting, LCD signs, etc, included.  It’s walk in ready for another financial institution, or could easily be used for a possible medical facility.  

It is approx 12 years old and the quality and location of the building is impeccable.  It has a $1,250,000 tax appraisal with approx $600k of that in land value.  I was told the building construction/parking area alone cost the bank a cool million, not including the land. 

I notice other commercial leases in the area are going from $20 sf/y to $23 sf/y but they are not bank buildings and are not move in ready with everything needed to start operations within mere days, so I’m thinking it might bring even more rent per sq ft.

Based on the information above, what do you experts feel would be a good (for me) "cash" price offer on such a property to use as a NNN long term rental? It is not presently offered for sale, yet, but I have an opportunity to make a "reasonable" offer now.

Thank you in advance for your valuable input.

RE