Good deal or too much for newbie?

[Eric Lunsford]

Hey all - I'm brand new to real estate investing. I've been doing a lot of research and have primarily been focusing on single family and multi family homes. That said, I have a family member who is a realtor and brought this commercial, multi use building to my attention. Here's some important details. 

- Original hotel (built in 1898) in a small town of <1000 people about 15 minutes from two university towns with population >50,000. The town itself is slowly becoming a place university employees are living due to the proximity to work but rural space and small town feel. 

- Currently has 7 rental units (1 studio, 5 1 bed, 1 2 bed) all grossing about $2775/mo currently all with tenants and a waiting list. 

- Has the towns only liquor store with liquor license

- Has an attached tavern with kitchen space and billiard table 

- Has 1200 sq ft. of extra space outdoor and indoor for whatever you heart desires (tasting room - we have some wineries and breweries local, retail space, etc.) 

Some of the #'s:

- Sale price is $375k

- Current gross monthly income for liquor store is $3579, apartments is $2775 and tavern is 2175-4275. 

- Total expenses is $3317

- Total net profit recorded is $5211- $7311/mo

- Cap Rate = 22.35%

I haven't looked at the building. It's a historic hotel made of brick and I'm sure needs some work but looks as though it's functional from day 1. Really up to the owner at how nice they want to make it. 

What else should I be looking for/at? What am I missing? Any major things I should be on the look out. This is a huge bite for a new investor to take, I realize that, but on paper seems to be a great deal if the income streams could stay (current owner has owned and operated the place for the past 40 years and is "retiring" at age 60.) 

Any thoughts and ideas would be greatly helpful. 

Thank you!

Eric