First Hunting: Commertial/recidencial Property
I found a commercial/residential property on a main street in my neighborhood in NJ. It is a plot, size is 45.50' * 160', can build a 3 story building, first floor for office to a professional, 2nd and 3rd for apartment rentals or additional offices. It is for sale by owner who is asking for $225K. He told me a doctor will buy it for $800K if he will build the 3 floor buliding, but he does not have the time.
I have not been able to ask the owner many questions, since I am new to this industry. not sure what I am supposed to ask. I am not familiar with commercial property. I am thinking to find a builder to flip it to if I can work it out, what should I do next?
! ) What questions I should ask the owner?
2) What information should I get about the property?
3) How can I find out the commercial/ricidential land's market value?
4) What else should I find out and do?
I appreciate your help.
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