Sell vs Hold Question

[Leeor Shimron]

Hi BP community! 

I have a valuation question that you can hopefully help me out with :) My partner and I currently own a building in Teaneck, NJ that includes a restaurant and two (3 bedroom) apartments. The restaurant is 2000 sq ft and each bedroom is 1300 sq ft., there is also a parking lot that can fit 10 cars. We have put extensive work into the building and it is in very good condition. We currently have a $200k mortgage on the property, and after paying the mortgage payment, insurance, and taxes our yearly net income is $40k. We are looking to sell the property to free up funds we can use on other projects. Based on this scenario, how much do you think the property is worth? We have received a couple offers, but I would like your objective opinion on what you think it is worth.

Thanks!