That year of building is probably running galvanized pipe from the water meter at the street sidewalk to the building.Those usually rust internally and start leaking underground.To replace that line with copper can be very expensive especially if the line runs under the parking lot.You would need to cut up the road,take out the line,put the new copper line in,and then fix the road.This can cost tens of thousands to over a hundred thousand depending on length of the run to fix.I would be concerned with a building of that age with hidden problems discovered once the current tenants leave doing TI.Could have asbestos,roof problems,sewer problems with the cast iron system,lead paint,etc.With retail buildings usually have a life cycle of 30 years so they are usually torn down and regenerated instead of a 50's vintage still standing.Regardless if it is a great location and not a dying part of the old town where the growth has moved then eventually a developer would be interested in partnering with you and building new or buying from you outright.You have to really look at these types of deals from all angles and work with someone looking out for your success.Not someone wanting to just "sell you something".I view instead of selling people on things to get one off commissions to instead help them make long term sound purchases.If one is successful then it stands to reason a relationship will be formed and they will buy more off of that success.If a broker/agent sticks someone in a bad deal then later business from them and referrals will be non-existent.Some of these brokers only representing corporations as sellers do not care about the buyers or if they buy right.This might could be a good deal for you.Just think of the multiple exits as much as you do about the purchase.

This discussion was a gem in the making and all but lost and forgotten over the last 5 years it seems.

I'm looking at a property (a real gem) for my personal residence so I'm willing to wait it out.

Turning an eyesore into a gem is a way to draw attention and make money and there's nothing I see in the listing that say the property must be torn down.Assuming the numbers and location worked (have you done an analysis?)

Although it was for a vintage airstream trailer restoration and not a rental, it only took a few hours and came out great.

Is that like a Realtor euphemesim when they call a space "cozy" to mean tiny, or "vintage charm" to mean that it  is totally outdated? 

Old Irving Park: The best hidden gem in the city.

I'm thrilled to have found Biggerpockets- what a gem of a website! 

Cost is $5-10 per blind, depending on window width.In our vintage single family homes we use curtain rods.

*Cheap fast Demo work (rip out cabinets/floor/suspended drop ceiling/bathroom floor vanity/whole house trim)*Electrician (add a few outlets for appliances - reasonably priced)*Strip, repaint wood trim (this old gem has a ton of it!)