Analyzing store + 2 apts Newark, NJ (Ironbound)...Penn Station

[Nidia C.]

Hi everyone! Currently analyzing a major rehab in the Ironbound in Newark, NJ. It is a store (zoned for goods or a small deli, no restaurant), 2 apts, and attic (no kitchen); 3100 sq. ft. Projected rent roll is $5,500/6,000. About 3 blocks from Penn Station. Needs about $170,000 in rehab. Owner is taking offers at the moment. 

Unsure of my offer because I do not have experience with commercial properties. ARVs seem to be within the 500K-600k value. My hopes with this property were to partner with a buyer. However, the buyers I've spoken to in the area are interested only in residential properties. I don't want to "waste" this lead, and understand that not every lead translates into a deal. 

Was hoping for some advice, especially if familiar with the area.