Assessing Building Value without Tenants

[Mike Griffin]

Hello! I have my eye on a commercial retail property that has only 1 of its 3 tenant storefronts occupied.  It's been like this for 7 years. The two unoccupied units appear to be mid-demolition in a stalled construction project. There's a building permit on the window dated 2016.  There are no other units in this single-story property - just the 3 storefronts.  

How can I assess the value of this property to make an appropriate offer? The current owner's NOI is shot due to the vacancies. Should I gather info on surrounding similar properties to make my best guess? Any other suggestions?

I've pulled the owner's name from the building permit and reached out. Think I found him online. But need to follow up.  It's odd he's let it sit like this for so long. Maybe something's going on and this is an opportunity to do something unconventional.  

Any insight would be appreciated. 

[Russ Kitzberger]

Analyze/Underwrite based on market vacancy and market cap rate.  If you desire a discount for finishing the projects or lease up, place that into the projections.