Buying a small office building - opinions??

[Ryan Deasy]

Hi! We have an opportunity to buy a small office building in an upper class town and neighborhood in Connecticut. 

Building is 10,000 sq ft and is about 17 units right now. that is made up of:

1 apartment

16 offices

All updated utilities and mechanicals

Fairly large piece of land - 2 buildable lots on it

First floor: occupied by one long standing tenant

Second floor: remainder of offices - about 5 vacancies - is basically a co-working space

Beautiful/highly desirable location

Negotiated price is good. Will be a seller financed deal. Numbers pencil out well and based on the cap rate for the area, filling those vacancies should drive the value much higher with no work other than just bringing in new tenants.

Question is, does anyone have experience with small office buildings? Obviously, views on working in a dedicated office have somewhat shifted. Our opinion is that large office spaces may be going in the wrong direction, but small offices like this still have their place for people that do not want to work at home or cannot work at home. Thoughts? 

Thank you!