Real estate question [View all]

My brother and I inherited the family property from our parents. It is a commercial/residential property, 5 apts. on top, 2 business spaces on bottom. The place was built in 1915, so it is getting up there in years. We are both in our 50s now and not sure how long to hold on to it. I live in one of the apts. and collect about $35K in income from it. It is my only income. The bldg makes about $110K annually before expenses. I had a local RE agent give me a ballpark appraisal about 3 yrs ago and he came up with the value $1.5-$2.1M. What I'm wondering is, I'm betting someone would buy it and then tear it down and rebuild, since the place is so old. If we did sell it, how much is the building worth compared to just the value of the land? Or, is it better to just hold on to it, since it generates income ( there is no mortgage, dad bought it in 1964) and keep making repairs? I know it will need a repipe eventually, and that will be $$$. Had a new roof put on 2 yrs ago.

Thank you! I'm learning as I go here!