Advice on buying Commercial Bldg, without broker, owner to occupy

[Kirsten Ostby]

Looking for some advice on how to handle a commercial real estate transaction with out the involvement of a broker. I'm looking at a few different buildings, and talking directly with the owners about purchasing. The main building I'm interested in has two spaces, one of which my future business would occupy, and the other space has a tenant in place with 4 yr lease remaining. 

I've started the process on a few things: 

financing: working on getting bank financing for the loan above my down payment, 

zoning: started the process of making sure my business would be allowed in the space. 

Lawyers: meeting with two lawyers next week. I'm wondering if having a lawyer to write up/review the real estate contract is one of the more important steps if I don't hire a broker? 

Building Inspector: I haven't started looking for one yet. Any tips on how to find a good one?

Request Lease for review: anything specific that I should be looking for with the current tenant's lease? 

Negotiating purchase price: The current tenant is paying $3200/month rent. Any tips on how I calculate what a fair offer range would be? The owner has started by asking $700k, and I'm thinking closer to 500k. 

What else am I missing? 

I'm familiar with the process of buying and selling Single family homes, but this will be my first commercial bldg transaction. Does anyone here locally have professional contacts you would recommend? 

Thanks!

Tags: Moore County, Southern Pines, Pinehurst, West End, Aberdeen, Raeford, Fayetteville, NC, Hoke County, Cumberland County,