Good afternoon everyone! I have been looking at a commercial duplex that currently has a fast food franchise on the ground level and a group of attorneys on the second level. Subway just signed a long term lease and the attorneys have a three year in place and have been there for a number of years. Both have options in place for extending the leases. The property also has two adjoining commercial lots that go wth the deal that appraised at 120k for both two years ago. Rent is 750 dollars lower/905 upper level. New hospital will be completed this spring about 1 mile away. This duplex is downtown directly across from the bay. Seller looking to move downstate and is willing to stay on as apartner or consider other options. Asking 250k for enerything. I would be responsible for taxes and exterior insurance. Thinking of offering 120k plus a two year option on the two lots for 100k. Nieghbors are interested in talking because anything built on those lots will block their view of the Bay. The lots might be a good fit for doctor tenants next spring. Thoughts anyone?
Posted on: Fri, 08/14/2009 - 15:49