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?