Commercial Valuation Help

[Lawrence M.]

Been looking at a downtown storefront with 6 units on 2nd and 3rd floor and struggling on how to know if the asking price is reasonable. I have a little understanding that commercial is based on current income generation of the property; however, there are no current leases. Any insight?

The storefront is approximately 1,920 sqft and is currently occupied by the building owner and is running a tattoo business out of it. There are four 2-bedroom and two 1-bedroom apartments total. The apartments have not been rented for some time, last one was vacated early Spring. Significant rehab required, a couple apartments could be rent ready with some quick finishes.