Commercial help

[Jason G]

Hi everyone,

I’m interested in purchasing a commercial piece of property located in Lake City, Fl. This property is not in the best of locations; however, everything seems to be moving west, which is where this facility is located. Lake City is quite a small town (i.e 10K people) but I must say it is growing quite rapidly. Everything on east side of town has been built on,
which inherently is why everyone is moving east. I found a facility that is already rented with short term lease, but long term tenants (e.g. each tenant has leased their unit for 8-15 years). This particular property is 1.10acres, building size 7185sq ft, I’ve already spoke with the land lord who had the city approve an additional 6500sq ft of buildable land. He also mention a rather interesting idea, behind the building is quite a substantial piece of property, which he considered building 10 mini storages for contractors, which could potentially generate an additionally 5-6K monthly income. The current tenants leases are as followed: Unit A: 1,750 square feet $705, Unit B: 2,250 square feet $850 and Unit C: 2,645 square feet $950

Everyone, I’m a complete novice and looking for guidance. What are your thoughts on this property?

As a side note - the reason the landlord is selling is due to old age, which is why it’s in the shape it is. (Age: roughly 75)

PS: My intention was to post a link with the property stats, but I need at least three post before I can post a link. If someone is interested in helping I can send a link through PM.

Best Regards,
Jason.