How much do you build out/rehab on commercial building?

[Adam Craig]

Closing on my second commercial building soon. Its a 2 level 8000 sq ft office building (exterior pics attached). The location is right near freeway with 2 large car dealerships on either side of me. The building is distressed and has been vacant for 4 years. 

The upper level is pretty strait forward. It divided into 3 seperate units. The plan is carpet/paint/bathrooms.

The lower level is where my questions begin. It was an old VFW so it has a big bar and stage spanning 4000 sq feet. Most of the ceiling/walls have mold so we will probably gut nearly everything. Aside from adding some big windows to bring in light I am not sure how far to the lower level rehab. Do you finish it with drywall or leave it open for someone light a contractor or mechanic who might not need a completely finished space?

[Greg Dickerson]

Originally posted by @Adam Craig:

Closing on my second commercial building soon. Its a 2 level 8000 sq ft office building (exterior pics attached). The location is right near freeway with 2 large car dealerships on either side of me. The building is distressed and has been vacant for 4 years. 

The upper level is pretty strait forward. It divided into 3 seperate units. The plan is carpet/paint/bathrooms.

The lower level is where my questions begin. It was an old VFW so it has a big bar and stage spanning 4000 sq feet. Most of the ceiling/walls have mold so we will probably gut nearly everything. Aside from adding some big windows to bring in light I am not sure how far to the lower level rehab. Do you finish it with drywall or leave it open for someone light a contractor or mechanic who might not need a completely finished space?

 Take it down to the walls/studs, mitigate mold and leave as is. I would add any windows or doors as a future tenant may want to create a specific layout including window and door placements. Just get it clean and fresh so they have a nice blank canvas.