Reo warehouse offer.. Bank has asked for best offers by Friday

[Jason Hudson]

Trying to figure out the best way to put an offer together on this warehouse lot as a cash buyer to a bank owned warehouse portfolio.

It is bank owned .9 acres of commercial land with 4 separate warehouses totaling just under 13,000 sq ft. in an opportunity zone. 400 feet away a $88 million dollar real estate project just got approved by the city as well. 

Asking price was 699k we put in an offer of 608k all cash with them removing the current tenant (who does not have a lease and is not paying rent since this is a bank owned foreclosure) 

ARV Market rents next door: $11 sq ft

ARV Sale comps @ $118 sq ft

Renovation cost: $155,000

Taxes: Up to date