looks pretty sturdy...as you say , repainted brick, looks to me it was painted over does it have change room? rest room ,shower etc? small kitchenette would be nice...then...when time comes it could serve as "dog house" if/when you havea fight! lol

land will stay valuable,..and will go back up in a few years..right now is "buying time"...
its probably worth it just for the land, but if you can get use out of it in the meantime ,great!

do you need the entire building? can it be subdivided? get a renter ,small businness? to help pay for it...