How to Analyze a 0 Income Commercial Property

[Matthew John]

I've been looking at Commercial Properties in my area recently and I've been noticing it's hard to find those value add plays, especially those listed on the market. 

However, I recently came across a property where the owner is 'highly motivated to sell' and really wants someone to just make an offer. 

She runs a Salon out of the property now, but she's done with it and wants to move on. She's only using 1 unit of the property for her business, but when she sells it she'll be moving out. The property has 3 separate units. 3 separate utility rooms each with their own Furnace, A/C and separate meters. 

The problem is when she moves out, the property will effectively producing 0 income. 

There's a massive value add opportunity there, but I would have to find 3 tenants to fill the vacancies. 

Based on the location, this property should be no problem to rent, but I'm really unsure. There's only a handful of properties for lease right now in the same city. 

How would you guys analyze this commercial property that effectively will be producing 0 income at the time of sale?