Valuing a 2 unit vacant property

[Erica Baruti]

I'm a first timer buyer in commercial real estate. I'm interested in the retail sector w/single pad units & nnn leases. I came across a vacant property that's 2 units, it can be changed to a 1 unit by removing a wall if wanted. Both units were formerly occupied by a regional tenant & national tenant. The units are located in a strip mall w/a grocery store as the main tenant and smaller pads w/fast food restaurants & other local businesses. The property is listed w/a residential agent so she doesn't have the experience of a commercial broker. How should I go about valuing the property? I think the price is inflated, but I need guidance. I requested their financials and they said they don't have much available, just their tax returns. The businesses closed down about 14 months ago.

[Erica Baruti]

Yes, @Bob Langworthy I did a lot more research & found that the property is sorely overpriced. I got a local commercial rei to help me w/the deal. I negotiated w/the seller to no avail. Now I understand why the property hasn't sold yet. I'm on the hunt for another one.