I purchased a commercial property years ago in which I operated a business out of. The business has since been dissolved and I have rented the property to tenants off and on. The property is in sort of a rural area and the market isn't very active. The property recently became vacant and I have listed it for sale. After several months and several price drops there haven't been any offers whatsoever. It is priced low relative to comparable properties. I still own the property under owner financing from the previous seller and between the payment to him and taxes+insurance I barely break even at what the building would rent for. I could refinance it into a commercial bank loan and be about $150 mo. in the black but it just doesn't seem like it would be worth my while to keep it. I live almost 2 hours away and don't have time to get to the property very often.

The building is approximately 2000 sq ft. Half of the inside is nicely finished office space with a large lobby and 2 offices + file storage room. The other half of the building is an open bay garage area with two 8ft. garage doors (uninsulated space). This building sits on about 1.2 acres with most of the lot being unused. The property is on a main thoroughfare between two towns with over 14,000 cars passing per day. There are a couple of lakes nearby and a lot of people visit the area for that.

Some of the options I have considered are:

-Building boat storage on the the unused lot space (moderate initial investment, low return, fairly passive)

-Mini storage units (high initial investment, moderate return, needs active mgmt)

-Placing 1-3 mobile homes on the unused portion of the lot (high initial investment, moderate return, fairly passive)

Any ideas would be appreciated!

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Best use for commercial property in rural area that won't sell

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