Valuating 80% vacant commercial property

[Cooper King]

Hello everyone,

I am looking to purchase a commercial property and was wondering if you could help with the valuation. The property is 10,000sq one floor office/medical plaza that sits on 1.5 acre of land. It was built in 2001. Currently have one NNN tenant occupying 2000sq of space. The other 8000sq has been vacant for at lease 2 years. Income from one tenant is $37,000 / per year with $9000 expense reimbursement. Total expense for the building is $45,000 annually.

So basically we have a property that breaks even with 8000sq of empty space. How much would you guys willing to pay for this property?  The seller wants $1.8M which is outrageous in my opinion.

I own a business. Once I purchase the property the plan was to move my business and use 4000sq of space and rent out the other remaining 4000sq.

I appreciate your help in advance. 

Thanks