Commercial investor buffs, run the numbers

[Will Barnard]

For all you number crunchers and RE investment pros, analize this: (Hey, isn't that a movie with Robert D!)

Commercial unit (Retail Strip/Office) Street facing
4500 square feet. 2 units
Market rents: $16 per square annually (NNN)
Expenses: Taxes = $8000 (paid by tenants on the NNN)
Insurance = $3900 (paid by tenants on the NNN)
Trash = $900
Water = $1500
Electric paid by tenants
Common area expenses = $3600
Occupancy = 100% current (ok to plug in 90% for future)
Ask price = $425,000
Financing = Owner carry 90% note @ 6% (10% cash down)
Approx $10k in repairs/improvements necessary

Good deal, great deal, not so good deal, or bad deal? :D