For now, this is an exercise for me to learn how to evaluate these larger properties and learning the more in depth steps.Here's the pro forma: (BP won't allow any HTML Tables so this is ugly, first # is soft, second is monthly rents, and third # is the rent/sqftAutomobile Repair9400 -- 3000 -- 0.32Church14300-- 2000 -- 0.14Jerky25600 --- 3500 -- 0.14Restaurant3127 -- 1750 -- 0.56Listed as Rented buy Google says is Vacant2400 --- 0 -- 0Rock Climbing Venue2000 -- 1200 -- 0.6Smog Shop2600 -- 1500 -- 0.58Gym7000 -- 1300 -- 0.19Vacant11000 -- 0Totals:77427142500.21Calculations:Listed Price$1,710,000.00Listed NOI$171,000.00Listed Cap Rate10.00%DP 30.00% = $513,000.00Financed$1,197,000.00Debt Service @5.5%$95,760.00 (15yr Amortized 30)Cash Flow$75,240.00COC14.67%Debt Service @3.5%$83,790.00 (15yr Amortized 30)Cash Flow$87,210.00COC17.00%A couple things to note:1 - There's a wide swath of Tenant Classes 2 - I am aware of the environmental concerns of the Smog & Automobile businesses. they are on the back side of the property away from the retail in a separate set of steel warehouse buildings.Tagging @J Martin -because he wanted to stay in the loop on this.

by and large if a parcel of land in any major metro city was on MLS  and did not sell then it was overpriced probably by a lot... or has some other hair on it.IN markets were new construction is viable and hot land deals sell in a matter of hours or days at the most to builders looking for lots.my take on Texas as whole ( not Austin though) is there is so much land that builders and developers have a lot of options and unless you have some sort of infill in a super hot spot  your dealing with a parcels with limited value or desirability or physical constraints for environmental or regulatory impediments.   

Then we have California and our trend of being "the most stringent" on environmental laws etc. which translates into too expensive to do business in!

., tax assessor's office, drive-by, investigation of environmental concerns.

I am not sure how it tis with medical facilities but it may require a lot of environmental protection cleanup afterwards.I remember a gas station lot being sold at $1000 because it required over $250k of cleanup where similar size lots were going for over $300k.

Lot to learn and it's easier to learn locally than trying to learn market trends, values, environmental issues, etc. from afar...or until you have a trusted team set up who can assist you on this. 

On a side note, you should look at the Boulder area specifically, because you have a huge pool of ready tenants and all parts of the city are much more open to progressive (especially environmentally conscious) ideas.

Haven't updated this post in a while, because I have been unable to close on the lots due to environmental issues.

Services you pay for - building inspections, appraisal, survey, environmental, etcIf the seller cannot or will not disclose requested information then you need to figure out why (they just might not have it, or there might be something they are trying to hide).

I own an environmental consulting company and do expert witness work.