Been looking at this building for a couple of years, I can buy it for a fair amount,(I've seen what he paid 5 years ago) and I could always low ball the guy, but the idea was to use it as personal storage and race car shop, not a real business, and maybe it'll go up in value over the coming years.
With investment interest levels so low I figure real estate might be a better use of some investment capitol.
Opinions?

Depending on the area, it could be a great long term investment.

Define 'fair amount' though. Does it need work, ie a roof?

Already have a lift inside? Air?

Does it have "location, location, location?

Looks like there was an addition out back that was removed.

Brickwork along the side looks like its been re-done a long time ago. Looks like many shades of different brick used. Or someone who built it used "left-overs" from a number of projects.

Or maybe the building was built in stages from front to back?

Depending on location, the land may be worth more than the building...

I'm not sure why the side brick is so different, it does not look that different up close, it looks like it was painted red over the brick long ago. There used to be another building connecting it to the one on the left, but nothing to the right.
Location kinda sucks as far as growth but it's only a few miles from home. Security isn't to bad there either, open business across the street as well as a big church, but anyone can break into anything if they want.
They keep talking about revitalizing the area but there's nothing to draw anyone in at the moment. Which is why I could probably get it for around 35-40k, he paid $32k for it in hopes of flipping it for 50k, ain't gonna happen.
I think eventually the little town area will get going again as this whole area in general is booming, may take 10 years to reach this street but that's the investment part.
Roof is fairly new.

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...

Not a lot to offer inside, bad restroom, front reception area and office that's just an added wall and could come down. I'd pretty much gut it and make it to enjoy for a few years, maybe a themed garage inside. I'd also fence the rear area 8' and cover the concrete pad with a steel roof shed.
It'd be fun, I think , just can't decide to pull the trigger on it.

WoW If I had the opportunity to buy something like that I wouldn't wait.
It looks like a real cool old building with alot of potential and it sounds like you already have a few ideas.

Wish shops like that cost that much in my area. $32K buys a garage, not even the lot it sits on.

In Silicon Valley $32k buys a storage shed. For the weekend.

Looks like a great opportunity and a lot of fun- I'd go for it!

Hmmm...Pontiac muscle shop...

We have a similiar looking lil mechanics shop near here, it even has a red 68 firebird mural on the side, I'll have to get a pic of it for you.

For that kind of money I'd be all over it!

From the first picture it looks like the shop is painted Autumn Bronze......it was meant to be!

Thanks for the replys, it's a tough decision and it would mainly be for investemt at the moment.
I'd like to equip it to do some small paid jobs as retirement nears but would have to fly under the radar or get a business license. More of a something to do and income suppliment thing than full blown business workings.

I own part of a Tooling and machine shop, I'm not involved in the day to day running of it and we're in the process of selling it. But there are several machine tools we don't use so moving some equipment down would be a start.
I already have plenty of other tools and do machine design and fabrication now, so car work would not have to be the only thing I do.

But, there are two local restoration shops that are turning away excess business so there is some work out there. And lots of old guys with old cars around here that don't want to work on them as well, and they have very few options for getting work done. Most repair shops here now deal in the newer daily driver repair market and need quick turn over. There are not a lot of vintage auto repair shops around as the old guys have died off or retired.
That market sounds appealing, especially if keeping a steady work flow isn't required. Repairs by appointment only? Vintage cars only?

You may wish to investigate any plans they may have regarding road width. The town next to mine is trying to widen the main road and several buildings will have to come down if the plans are approved. If that is no concern than pull the trigger...G'luck.

Theres a muscle car shop near Indy with lots of cars in the lot.
Heard it's so good, they wont quarantee a date when thier finished.
Big $ down there.
Same guy bought Butler's old race track.

That is a bit of a concern.
Looking at the road as a whole there's not a lot of reason to widen it but it could use a sidewalk if they get the area moving forward, also the platt shows the building and an easment to the right, but no actual parking lot, so that sucks. You can see there's not much room in front and that's the main bay door.
And with the big expanse of open vacant property behind and beside it, it would make sense to straighten the road should a big developer decide to do something, the building is in a little bit of a curve.
The two buildings to the left are in rough shape, one could probably be condemned, the other is sturdy but dilapidated.
I'd like to have the property between the two as an alley to access the rear as well as the easement on the right. But I haven't located the owner of it.

All this is why I've been hesitant to make the guy an offer. I've looked at a few others but the low cost and closeness to my house keep bringing me back to it.

I took a drive by this shop this morning as I thought it was fitting for the thread, and the thread reminded me of it. I wanted to get some pics in case it got demolished in the near future....It has "bird" appeal for sure...it was 8am and locked up, so I assume it is closed, but may investigate for the fun of it.

I think I may just take my bird down there Saturday morning for a pic in front of the mural...

I just need a hot nurse for the shoot!

Cool, a Firebird and a Mopar, not Mustangs or Maro's. My kinda shop.
I'm sure someone will chime in about the grill bars not being correct and having to wrong steering wheel.

Use the girl in your signature pic?

What grill bars? All I see is a white dress!

Go for the building HO. We're all behind ya!

I'll try and do a pic with my 68 in front of that shop this weekend in the early morning, the sun will be on that side.

There's hookers about a mile south of there, maybe I can talk one of.....oh never mind

Go for it HO, I'll bring some Canuck beer for the shop warming

So, Dave, his Firebird, and a naked hooker drive up to this empty repair shop and.......

No no ocifer, it WASN'T like it looks, I just wanted to plant her on the car, ...I mean take a picture of her planted... where else can I find a model at 8 am.....

oh h$ll, here's my wrists

Dave you've got to buy that place - it's central to ammenities ! If I ever get over there I wouldn't mind stopping by for a photo. Is that in the Surrey area (just a guess) or...

Insofar as the name on the plate is correct I've made it my desktop background pic....thanks!

I went by yesterday evening and took a pic of the road from the shop across the street.
It's a Custom Auto Fab shop. Not sure what all they do, but I'll drop in and talk with the owner sometime next week.
Just up the street is a very old 40-50's? gas station, bunch of brothers run a detail shop there, so lots of Automotive stuff on that road but these three buildings have been vacant for many years.

If it were in my neighborhood for 40, I'd buy it.

From that angle it seems there is enough room on the other side of the street to widen the road should they need to. How far is the nearest fire hydrant?

Right on Kevin (assuming that's your name and not "Firebird")

Ya Ernie, it's on King George Highway in Surrey, about 78th Ave. I'm cruisin bye tomorrow morning to get a few pics with mine parked strategically in front.

...and I'd buy the place down there, you can never go too wrong with property, specially buying it in the slump.....and it would be a blast to have as a race shop, properly alarmed of course...

Just got off the phone with the guy, what a piece of work. He now thinks it's a pot of gold and talks all kinds of speculation prices of what if's.
Told him I don't buy on speculation, just fair market value. But we're suppose to meet tomorrow and look it over again.

I did find out a new peice of info, it's commercial and grandfathered in. No other commercial can be built around it, and if it were to burn down it could not be rebuilt as commercial. All the property around it is zoned residential. Good and bad there.
This vacant property around it goes real deep and will probably get developed at some point as a subdivsion, apartments or something like that.

How much property is there with it, just the area of the building plus setbacks?

That may be a blessing in disguise should everything surrounding it become developed residential that may improve your resale value as someone would prolly want to convert it into a pseudo 7-11 or Mini Market or heck even a coin-op laundry...just thinking outloud

Stopped by yesterday, met with the owner and walked through it again. I still say no more than $40k. The roof top is new but the underlayment is falling apart. So in 5-10 years I think it'll need a complete roof which could be $15-20k. That and some interior work and then it would be worth 55-60k I think. But not as is.
He now wants $55k, (I think he went up because several have expressed interest in it recently) he claims it's now worth that much because he took out a credit line for that amount a couple of years ago and slowly borrowed that much against it (idiot) to finance other interests. What he did was get a bank to loan more than it's worth just like others in the mortgage mess these days.
I then find out I'm not the only one offering him 40k max, so I'd say that number is a good one.
Guess it'll sit there a while longer, no one will touch it over $50k, you might get a speculator to go 45 but even that's iffy.
I told him to think about it, but I would not go any higher. He understood, just have to move on I guess. Got a few more I've been looking at.
I think he's a little upset at himself but at least he has the money invested elsewhere, he'll have to restructure his loan somehow to sell it to anyone.

He will have to dump it at some point. You cannot sit on property that has a loan that is outstanding for more than the property is worth. (Unless he has a lot of extra disposable income. But if that was the case, he would not of taken the loan out in the first place.)

Did you offer cash for the property? (if you can afford it). Cash speaks VERY loudly in many cases.

See if you can wait him out.

Keep trying, you have nothing to lose.

The guy's got some serious property net worth, but not much is liquid and he's wanting to start cashing some of it in and retire.
I really think he got caught up in the cheap loan debacle the last decade and borrowed on a lot of his properties to buy others.

He kept talking about loans and financing, how he could help me get the building, blah, blah...
I told him that wasn't nessesary that I'd write him a check right then if he'd get reasonable on the price, his mouth dropped open and he then started talking about how he might could restructure his loan. So I got him thinking anyway.
Just have to wait him out and see if he bites.

Oh, I talked with a buddy that races locally and he's interested in renting a bay or two from me for his equipment.
That would pay the taxes and utilities

Fill it full of PONTIACs and pile a whole bunch of them on the property, have a beer truck deliver twice a week and call it home!

Backyard Parts North!

That was sorta the plan all along.

There you go!

You just discribed my place!

8 Pontiac's(part'n 1, fix'n 1 to sell) and 1 GMC truck.
1 open trailer.
Plus i drive our GMC parts truck.
And plastic trash bags full of empty beer cans behind the garage between scrap yard runs.