High vacancies properties - Opportunity or Disaster?

[Ashan D]

Does anyone here deal with commercial tenant properties (office/retail/industrial) that are distressed, non-performing, or otherwise high vacancy? I think there's a lot of upside in these properties if they can be bought based on their current income stream because there is room to add tenants, thereby increasing the NOI and appreciating the building.

Any discussion on these types of properties is welcome. I'm especially curious about how to seperate the good prospects that can be changed around from the bad ones that are unfixable.