Vacant 8 Unit Property - Request Help Evaluating

[Eric Waterman]

Hi BP community,

I'm looking at an 8 unit property that has 7 out of 8 units physically vacant, though I have no idea if the lone tenant is paying. The listing agent is unresponsive and will not provide the financials I require to evaluate. Now, assuming 100% economic vacancy, how would I go about evaluating an income multifamily property that has no income? This is in a C class neighborhood. I cannot find any comparable properties with with to compare. It is actually in a single family zoned neighborhood. I talked to the town about this and they said this property was built before the zoning changes to single family, thus it was grandfathered.

The asking price is $415k, which I think is nuts for a vacant property. There are two buildings on the lot: 1, 6-unit building (all 1 bed apts) and a duplex (both units 2 beds each).

I would appreciate any and all feedback. 

Thanks!

Best regards,

Eric Waterman