I kind of want this property

[Fermion]

Hey, excellent answers all!

I wasn't really even thinking about there being tanks still in the ground or contaminated soil. That would be a no go for sure.

As far as the idea of buying a lot and building a barn, it is not nearly as cheap as you might think. Wells in this area can be $20,000 and you pay even if they don't hit water. Septic is $5,000 to $7,000 and hooking up to the grid can be anywhere from $2000 to $20,000 depending on how far away the lines are.

We just built a pole barn ourselves with no help. 30x40 with no walls and just the materials alone were about $9,000. Heck, the metal roof is over $3,000. And this is us doing everything ourselves even the grading, concrete and post setting.

That is why initially the $90,000 seemed cheap. It has winter easy access being right on hwy 20 which is plowed all the time, it has water, power, sewer, and what looks like a solid building with new roof.

Too bad about the former gas station thing though.

 

[Fermion]

I know why the wife doesn't want it...what the heck is a "chick desk"?!

Hah! You hit the nail on the head there. That was the first thing my wife saw and she was miffed. She said she wouldn't buy it just because they put that line in there. Nothing wrong with women working at a reception desk but it is certainly not the only thing they can do. She went to Brown, majored in software engineering, and before we retired was pulling in $270k as a senior dev.

 

[Spanky]

Hey, excellent answers all!

I wasn't really even thinking about there being tanks still in the ground or contaminated soil. That would be a no go for sure.

As far as the idea of buying a lot and building a barn, it is not nearly as cheap as you might think. Wells in this area can be $20,000 and you pay even if they don't hit water. Septic is $5,000 to $7,000 and hooking up to the grid can be anywhere from $2000 to $20,000 depending on how far away the lines are.

We just built a pole barn ourselves with no help. 30x40 with no walls and just the materials alone were about $9,000. Heck, the metal roof is over $3,000. And this is us doing everything ourselves even the grading, concrete and post setting.

That is why initially the $90,000 seemed cheap. It has winter easy access being right on hwy 20 which is plowed all the time, it has water, power, sewer, and what looks like a solid building with new roof.

Too bad about the former gas station thing though.

Are you going to make an offer? Any plan to do an environmental assessment of the land?

 

[Keim]

Agree with others. Get an environmental assessment done.

Unless you're very close by, id skip the business idea. Aside from, maybe, renting out the part you aren't using.

Cusick is s beautiful area. I can understand the wish for a cabin. We have one at the southern end of the state. Love it.

 

[Texas Proud]

Testing isn't so simple if it wasn't done. You'd need to test the soil and potentially groundwater in multiple locations to be moderately sure. Lab tests, drilling and consultant fees would exceed $10K, easily.

Not from what I had seen... so, I looked it up to see what current prices are... as low as $1500...







https://www.rmagreen.com/rma-blog/b...-a-phase-i-environmental-site-assessment-cost

 

[njhowie]

I think folks are likely making too big an issue out of the soil/tank thing.

For the property to have been changed from a gas station to anything else and sold, I have to believe that complete testing and whatever remediation might be necessary was previously done. I would even bet that the information is on file with the state department of environmental protection. When we had our underground oil tank pulled (which in fact had a leak), there were very stringent rules/measures which had to be followed, reports put on file with the state DEP, and both soil and water testing were required, documented and put on file. Further, if we ever sell our home, if I remember correctly, we have to notify the state DEP. I haven't gone through the materials since it was done over 10 years ago.

First, call the real estate agent and ask your questions. He/she likely already has the answers. If that does not satisfy you, contact the state DEP and/or county, ask for the records they have on the property, and ask your questions. They will likely say the same as what I have - they would have had to do all the testing and remediation before a sale could take place. These are easy things to do, and even if you have to pay some token fees for getting the info, it would be worth it to satisfy your conscience.

Personally, if it is a good price for the area, you have a desired use, it is a commercial lease-ready property, go for it. Convincing the wife shouldn't be an issue if you have the funds available - it's going to pay for itself, and you have what looks like a small storage shed/"building" on the side for your toys. Worst case, you put up a small additional shed.

 

[street]

Exactly >>> One call and if that RE agent can't answer the question they should be able to in a very short time. I would bet they could tell you and show you, at the time of asking.

 

[copyright1997reloaded]

Former gas station = run away.

There are properties around here (NY State) where you could get them for $0, and even at that price they won't sell. Why? Because YOU inherit any liabilities associated with the clean up effort, even if the property had already been converted to another use. Even if those issues are found years or decades later.

I have a friend with an auto repair place that has serious hassles associated with a property he acquired which long ago (previous owner) was a gas station. It is a night mare.

One thing is for sure - IF you do this, talk to a lawyer about how (if at all possible) you can isolate your personal wealth from this property. I don't know enough whether a LLC for the property would be adequate.

 

[street]

I know of at least 5 places that had old stations on lots. They owner had to do all clean up and they where all sold and all have new businesses on them. Here in my state clean up has to happen or nothing can be done but be fenced and no occupancy can take place on that property. Once it is cleared it is cleared for what it is zoned for. If bought and this came up is a whole different story where I live.

 

[ziggy29]

Sounds to me like it's not an "investment" but something you just want to have. And there is nothing wrong with that as long as you can afford it.

But yeah, a VERY thorough inspection of the property and all environmental factors is in order.

Even if that turns up less than ideal, it doesn't HAVE to be a dealbreaker if you can negotiate the right price (much lower) and find a usage that isn't going to make it a huge problem. But other than that, yeah, I'd worry. A lot.

 

[Spanky]

...Cusick is s beautiful area. I can understand the wish for a cabin....

There are quite a bit of cabins or houses with a lots of land for sale in that area. Some of which are less than 180K.

 

[street]

I would hope the OP will come back with an answer on the environment assessment results, from what the RE agency has to say. Like one poster said, it looks like an above ground bunker with a cement barrier was used. I one of the pictures to the left of building, you can see what would resemble an above ground tank holding. These are very safe to the environment. This is just a guess, waiting from a response from OP the thread has me very interesting in this issue.

 

[HI Bill]

Not from what I had seen... so, I looked it up to see what current prices are... as low as $1500...







https://www.rmagreen.com/rma-blog/b...-a-phase-i-environmental-site-assessment-cost

Your link is for a Phase I. That typically inlcudes only an assessment of past historical owners and activities, but does not include collecting and analyzing samples.

I've been doing this type of work since 1991, and have overseen the removal of more than 100 USTs in southern California and Hawaii at commercial gas stations, tank farms with multi-million-gallon above-ground storage tanks, and city and county properties.

You could get a few surface soil samples collected and analyzed for $1500, but that wouldn't tell you anything about subsurface contamination, lateral or vertical extents of contamination. The cheapest tank pull investigations I oversaw ran about $10K, and that included collecting soil samples when the tanks were removed (not the removal itself).

 

[Ginny]

Does the business located there have a lease for the property? If so, what is the term?...

 

[anonymous_fred]

I've wanted to find a place like that near me to open up a co-work business. There must be people in Spokane who have cabins or vacation homes up there, but also need some place to get away from the families, or have access to fast internet. Sell memberships for $100/month or $20/day, and rent the rooms as private offices.

 

[Global Wizzo]

Storage?

I came across a commercial building on a couple of acres right on a hwy we drive to go hiking and snowmobiling. Literally just a few hundred yards from the trails we ride all the time in the winter.

It looks like a nice solid building. Nice paved parking lot. Super cheap. They are asking $90,000 and it looks like it was last sold in 2007 for $140,000. Even in this area, building a 1600 sq ft building with power water, septic for $90,000 alone would be hard, ignoring the cost of the acreage itself.

I see no value in the current business, I just kind of want the building for storage and the parking lot. I would probably just tinker around with my motorcycles and sleds there.

Crazy right? I can't justify it to my wife so will probably not happen, but I still kind of want it. Heck, in that area you might be able to offer $70k for it. Practically free. Any idea how I could sell it to her as a decent investment?

Here is the listing:

https://www.johnlscott.com/search/listing/3546836

You might see if you can use part of the parking lot/building for unattended storage. Few snow mobiles on trailers, etc. might cover the taxes. Don’t turn it into a job.

 

[catii]

If you're renting out space for anything, you're also taking on liability. If you have a snowmobile parked there, what stops someone from stealing it? Are you providing 24X7X366 security?

 

[Texas Proud]

If you're renting out space for anything, you're also taking on liability. If you have a snowmobile parked there, what stops someone from stealing it? Are you providing 24X7X366 security?

A parking lot can mitigate their liability pretty easily... just have language you are not responsible for any damage etc. etc. and you are not...


Buy a policy and have them handle any lawsuits if someone is foolish enough to sue...

 

[Markola]

Easy Peasy: “Honey, I bought you a John Deere Dealership!”

 

[Spanky]

A parking lot can mitigate their liability pretty easily... just have language you are not responsible for any damage etc. etc. and you are not...


Buy a policy and have them handle any lawsuits if someone is foolish enough to sue...

That's true that the owner of the vehicle or snow mobile is responsible for the damage. The owner of the parking lot is still liable for personal injuries resulting from slip or fall. The probably of someone suing for that may be small, however.

 

[Spanky]

Easy Peasy: “Honey, I bought you a John Deere Dealership!”

That's might be a selling point.

 

[roh3]

Originally a gas station.
Any environmental concerns?