Commercial Redevelopment Advice

[Brandon Duensing]

I am looking to expand my business, but instead of leasing another space, I am trying to purchase a vacant industrial building and convert it to a retail location. Zoning for retail is already permitted there, the redevelopment will likely take $350K to convert it. My question, how do I value the property, the building is likely only worth $150K max, it has been vacant for over a year, so not income/cap rate estimate, plus its just me that will be utilizing it.

I am trying to determine what is a reasonable offer and also if you have any advice purchasing commercial property I would appreciate any knowledge you can pass on.

Thanks!