Buying a small church to lease out to another church.

[Adam Craig]

Tuesday I am looking at a Church that has been for sale 3 years but they did a price drop asking 210K for 5000 sq/ft. The location is prime - in the middle of a really desirable neighborhood just outside a bar/restaurant trendy downtown area.

My first instinct was to buy it then lease to a day care or even center. The issue is it has residential zoning, so aside from converting it to residential, I would most likely only be able to lease it back to another church.

As anyone leased to a church? Is the demand there? For office/flex space in this area its $1.20 a sq/ft. Not sure how much different a church rate would be.

I just really like the building and location so not needing home run type numbers.