Interesting deal - need your input

[Daniel Lozowy]

Hey, I normally focus on MF deal, but I stumbled upon an interesting commercial property by accident. I need your input on how to look at all this. Mainly by curiosity. 

Info  

• Retail building, two stories 
• 4893 rentable square f. 
• 2393 square f. rented to a kindergarten (8.36$/sf is the lease) or 20k a year. 
• 2500 square f. vacant. could be rented at 18$/sf - net. From what I gather it's been vacant for a while.
• Mom & pop owned. 
• It needs lots lots of cosmetic work before it can be rented imo.
• It's listed at 950k$. It was previously listed at 790k$ by another brokerage (didn't sell).
• built in 1963
• Located on a busy street, in a trending neighborhood, close to the subway. 

Just seem like and odd deal to me. What do you think?

[Tchaka Owen]

@Daniel Lozowy - it looks to me like the seller isn't motivated. If it doesn't sell at $790k yet is relisted at $950k, chances are the seller doesn't care whether or not it sells. Work your numbers and figure out your target price and have your agent contact the listing agent. There may be a deal in there for you, just don't have your hopes too high. Good luck!