Need Advise - 6 Acre Lot with 4,000 SQ Ft Barn

[justinramani]

I need some advise from the community. About 5 minutes away from me there is a 6 acre parcel for sale with an unfinished 4,000 SQ FT (60 x 70) barn. The structure was abandoned in 1996 and was never completed. The roof is shot and some of the roof framing needs repair due to rot. The structure is slab with CMUs about 8 ft up - then wood framing on the 2nd story. I would need to do a lot of work to make the structure work for anything. Would need to cut the slab to re-work plumbing, fur walls for exterior siding, etc. What value would you place on the slab and block work?

The barn was originally going to be a house/workshop and did have permits at the time construction began.

Looking forward to hearing your thoughts....

 

[Industrial Toys]

I put a lot of money into out buildings, pay tax on them, but am told they aren't worth much as far as property value. When we wanted to buy adjacent property, with poor buildings, my Dad said, it's the price of land, less the cost of demolition. Or the price of land and a pack of matches!

That's how I would look at it. If what's there is of some value to you later, that's just a bonus.

My Dad also warned me about falling in love with something you want to buy. You must remain objective.

 

[Redlands Okie]

It’s easy to spend a lot of money and effort on remodel work. Your project sounds like a extreme one. I would place little value on it and use it as a bargain point for cost of demolition. Once you own the property you can do as you wish.
Footing under the slab ?
Rebar in the slab?
Do the concrete blocks have the rebar every few rows horizontaly and vertically as usually required? Sounds like they will be structural and not a facade or cover.

 

[RNeumann]

It only has value if it is an approved/permitted structure according to your AHJ. Beyond that you will need to figure footing depth, amount, if any, rebar, are the CMUs grouted, slab thickness etc.
This could be a great deal or a money pit. Start with the AHJ and see what they have to say about what is there and what you can do with it.

 

[4570Man]

I'd be surprised if any of the wood structure isn't shot in that time. Got any pictures?

 

[oosik]

I certainly would check with the local building dept and see what they have on the structure. Otherwise, its a negative and figures into the overall price of the property as - cost to demolish. If & when you own the property - you can make further decisions on what to do with the structure.

I've seen situations such as this go both ways - great opportunity to develop a very useable structure OR a bottomless money pit. Time spent researching the history of the structure could easily pay big rewards.

 

[EddieWalker]

I would put a negative number on the building. Figure what the price per acre is for the land in that area, and then deduct a few grand from that value for what it will cost to remove the structure and get to a proper starting point. Demolition is expensive, usually a lot more then most people think. Disposal is also expensive. Hauling debris is expensive. Not seeing it, or knowing all your laws there, I would probably deduct $20,000 from the value of the land. Also keep in mind that building something there will probably cost more then if you where starting fresh. Once done, will it sell for what you have into it? What are the comps for buildings like this in your area? Are you doing this to make money or do you have some interest in owning it? For me it's a numbers game, and I think that the biggest reason it's sat for so long is that the numbers do not add up for everyone else that has looked at it. Go low on your offer, and if they say no, walk away.

 

[justinramani]

Thanks for all of the comments this far. Yes, the slab has proper footings and rebar. The build was permitted through the county. Here is the listing so that you can see some pictures of the structure.....

13 Brumfield Rd, Cameron, NC 28326 | MLS #51621 | Zillow

 

[flusher]

Humm--uncompleted wooden barn, abandoned, exposed to weather for 20 years. IMHO it's worth nothing even if those old building permits are still valid (which I highly doubt).

When I bought my 10 acre ranch in 2005, there were 24 concrete posts in the ground--foundation for a pole barn that was never built. According to my neighbors, those posts had been in the ground for nearly 50 years. With the present day building code, I could not get a permit to use these posts. So I dug them up and gave them to a neighbor.



There were also two concrete pony walls about 20 ft long that were in the way. Rather than bust up the concrete, I paid $125 for an hour's worth of time with a TLB to bury those walls.

Good luck

 

[tonyq60]

Most permits expire after 6 months of no activity so consider permit dead...but...

The building department should have a full set of the engineering package for the building so you could discuss the option of renewing the permit and building what was approved.

That is an option but for value consider the work as trash and needing to remove so it is a cost not a benefit.

For property value only about 20 % of the cost of a building is added to appraised value but could be easier to sell but a slab and rotted wood the opposite