Howdy folks, while I have 11 SFR's in Vancouver, Wa this is my very first step into commercial and I have so many questions. The deal is a 28,000 sq.ft, 6 floor building in a very up and coming downtown historic district in Alabama. 5 of the floors are concrete and metal...a blank canvas. The Main Street level floor would be perfect for a restaurant/bar. I am thinking condos above or boutique hotel. It is asbestos free and structurally sound. The only current income is from a tower on top of the building at $800/month. There are incentives for downtown investment, but have yet to hear all they have to offer. I have learned one thing about real estate...after a while you just get a feel for the direction a property is headed...and at $17/sq. ft in a rapidly changing downtown I see opportunity. I can use other properties and commercial loans to buy it but would need a partner for development. For those who have walked the plank...any suggestions, concerns, or advice would be greatly appreciated. I am all ears. Thanks in advance for taking the time to respond.
