Under Option, Now WHAT?

[Nick Abbate]

Here are the property details:

The houses are two separate tax parcels totaling roughly 4.5 acres. The property has a footprint that lends to further development. It has neighborhood business zoning to it, making it the last piece of property to the south west with a retail listing.

It is also rated with Light industrial, office professional, commercial, and residential....everything but the kitchen sink!!

This property is across the street from a Fred Meyer and a Red Robin. There is two houses at the moment on the property 1 is a burn house and the other has an income of $900.00 a month

The leasable square footage for the ground level is 5-6 thousand square feet and you are able to build 3-4 stories up, and tuck under parking, without huge amounts of wetlands mitigation. You would be able to get more with higher mitigation's. (The back end of the property has wetlands on it)

There is an easement for the sewer and there is a wait for the line to come in with hook up stubs. Previous assessments on the property's came in at $430K and $440K.

I am not sure where my Seller got his numbers from as far as $430k and $440K.

The actual assessments according to the tax records are $237,800.00 and $242,000.00.

The Seller wants 650K for both properties combined. The Seller said that he needs an idea of, if he wants too much. To maybe bring him a little closer to actual market value.

The Seller said I could market the property for whatever I want as long as when offers come in he gets what he wants.

I would like to make about 26k -36k on this deal.

Any suggestions? How to do this? I would be able to get the option for propbably 60 - 90 days.

Thanks for your advice. :D