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Updated over 9 years ago,

User Stats

400
Posts
305
Votes
Ash Patel
  • Full time investor
  • Cincinnati, OH
305
Votes |
400
Posts

Am I nuts?

Ash Patel
  • Full time investor
  • Cincinnati, OH
Posted

Do I need to be talked off the ledge?  Below is a picture of a former regional bank (Fifth Third) building.  

5000 sq ft - plenty of parking - 20 years old

Google Earth link: https://goo.gl/maps/hegqrmooRVn

Sale price $90k

I would assume this property can be purchased for around $70k which would make holding costs around $1000/month + maintenance.  The kicker, it is in middle of nowhere.  A small town called Russellville Ohio.  My thought would be to court another local bank to open a branch there.  If not, I would have to try to find a retail tenant.  There are no catalyst that would cause this area to grow.   There is a Family Dollar 1/2 mile away.

What would you do?  At around $15/ft is this too good to pass up or am I nuts?

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