How to analize a commercial property for wholesaling

[Nicholas Caldwell]

Hey my Wife and I are brand new to REI and BP. I payed for an online wholesaling course and have watched almost every module more than once and am ready to stop "sharpening my axe" and go start swinging at this tree called real estate investing.

My Question:

There is a commercial (non residential) property that has been sitting for at least four years. Someone started renovation on it and stopped before they got too far into it and now it just sits for sale. I am considering trying to wholesale or fix and flip it as it's in what I think is a prime location for any business that caters to Soldiers. It's right outside a military post, right off a main highway and in the midst of a ton of chain stores (mostly fast food), and mom and pop shops that cater to Service Members( barbers, dry cleaning, Army surplus etc...). I know commercial properties are valuated differently than small residential properties, in that the value isn't determined by the properties around it, but by it's own performance. So how do you value a property that hasn't performed in at least 4 years? How would you go about determining an offer price? How would you market it either as a wholesale deal or once the renovations are complete? If I decided to, and found the funding to renovate the property how would I go about the renovations? Would I find buyers and then build it to their specifications or would I just come up with what I think would be the best use ( 3 offices, 1 large office, several store fronts, etc...) and build the shells and then sell those individually or sell the entire building? Another option would be to keep the property and rent out the spaces. How does renting to another company work, specifically when that company wants/needs to "remodel" the unit for their company (such as a chain restaurant.)?

I have the owner's information (name and address) but that is as far as I have gotten. I am having a hard time deciding what the best avenue of approach would be as far as contacting them goes. Mail a letter or go knock on their door? I have talked to a couple of the business around it, butt no one seems to know the owners or anything about the property. I have called the listing agent but have not received a call back.

Thanks for your help!