This facade that somehow PMs only charge 10%, is just that, a facade.

They'll make sure the gutters are on point, exterior facade is in good shape, and they'll be able to fix any interior drywall issues.

The benefit of preserving the facade through The L'Enfant Trust's Historic At least three or 4 math questions using the different formulas in the guideQuestion regarding the condo conversion fee.

@Andrew ElmasriBelow market rents - get the rent roll from the broker/seller and compare it to rentometer.com and your study of the market rent for that property and locationOvergrown or not maintained landscaping - easy to spotDeferred maintenance on the exterior facade - easy to spotNo online presence or marketing (word of mouth or signage only) - google search for the property...see if vacant (or not vacant) units are marketed (usually on hotpads, trulia, zillow, web site, and many other sites where landlords market.  

If possible my first thought would be to convert to a apartment, and cosmetically alter so it has a more residential type entry,, and facade.   

Example an improvement to a mix use commercial space and or a facade facelift Second question.

I'm sure we've all seen them in our towns, large retail strip centers, the facades look old and dated, the center is 50% occupied at best.  

The problem is of course mostly the roofline breaks, which looks a lot like a false facade.

Is the building facade in decent condition?

It has a strong entrance facade, and separates the four units well.The prominent staircase obviously takes over the entire facade, but I don't think that's necessarily a bad thing...