off market office building - Analysis

[Magesh R.]

I recently came across an off market office building in Cleveland. The person who brought it over to me says it is a good deal. The problem though is I haven't dealt with an office building before. I have experience investing in SFR rentals and flips but not on the commercial side.

I am going to ask my PM (who takes care of my SFR) to check this out. I would appreciate any inputs/insights/caution/pitfalls to avoid from the experienced folks over here so I can go through my due-diligence process with some knowledge.....

Obviously the numbers look great but I want to make sure I am seeing the whole picture.

Income - 77k/year

Utilities ~18k

Maint & repair - ~7k

insurance ~1.8k

cleaning ~1.5k

garbage ~1.4k

taxes 11.5k

permits - 1k

NOI = ~34k

I guess I can ask for 250-300k.