How do I determine market price with no comparison?
Looking to purchase a 30,000 sqft retail building with 2 acres land for our business use. Right next to a U.S highway and Walmart. 
Seller is asking 625k and property tax is 30k. it’s in a small town.
I’m trying to figure out if this is a fair market price for this property, I can’t find any comparable sales because there no transaction. 
What service should I get and done (Appraiser? Inspector?) before entering a contract?
[{"id": "hnvckn0", "text": "Cap the NOI?", "replies": [{"id": "hnvlsxm", "text": "Sounds vacant and being purchased as an owner/user.", "replies": [{"id": "hnvmb30", "text": "Hmm good point. Could get some rent comps and estimate a cash flow as if it were income producing? Wouldn't probably be the exact value they are looking for but could give some sense of where they stand.\n\nOtherwise maybe consult and appraiser?", "replies": [], "depth": 3}, {"id": "hnvtymf", "text": "You can still analyze it as if sale to investor charging rent to arms length tenant.", "replies": [], "depth": 3}], "depth": 2}, {"id": "hnvu6af", "text": "it will be owner occupied, I can\u2019t find any similar rental near.", "replies": [{"id": "hnvue49", "text": "Then appraiser or broker i think", "replies": [], "depth": 3}, {"id": "hnx81s9", "text": "This is why you pay an appraiser or broker", "replies": [], "depth": 3}, {"id": "hnxlf2p", "text": "Work backwards the replacement cost.\n\nWhats the cost of land per acre, and what's the current buildable per foot rate for a comparable building. If you don't know reach out to a local contractor or two. In my market this building would roughly be $100-$130 per foot.\n\nReplacement costs are almost always on the high end so after that, based on the vintage depreciate the building cost by 15-20%. From there, share your opinion with an appraiser and see if he agrees or recommends an adjustment.", "replies": [{"id": "hnyeieo", "text": "This sounds like a very reasonable solution.", "replies": [], "depth": 4}, {"id": "hozm622", "text": "This is actually great idea. Thanks", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "hnyq6zu", "text": "If this guy can't figure out how to call a local broker, I doubt he or she knows what a cap rate or NOI is.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hnvff30", "text": "If you're financing, an appraisal will be required. I'd look at similar sized towns in the State and find a similar transaction or use a replacement cost approach if you have to.", "replies": [], "depth": 1}, {"id": "hnvj113", "text": "Direct capitalization, if you have a good idea of cap rates in the area. Otherwise just get an appraisal done and let them figure it out.", "replies": [{"id": "hnvvdnj", "text": "Where can I find one experienced and does commercial property before?", "replies": [{"id": "hnx8fa0", "text": "You can search for MAI certified appraisers through the MAI website. Cbre is a big firm, partner, JLL", "replies": [{"id": "hnxam4v", "text": "Thanks I\u2019ll be sure to check it out.", "replies": [{"id": "hnxjqa6", "text": "Colliers is also worth checking out. Look for either local appraisers or a company in your nearest big city. Whoever has the most obvious presence is also likelier to have a better database of local transactions and more familiarity with the particulars of your area.", "replies": [{"id": "hnxn4in", "text": "I\u2019ve had good experience with integra realty resources. They\u2019re a national firm but have local offices all over the US.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hnvjwgh", "text": "Just keep in mind that if you pay for an appraisal yourself your bank won't be able to use it for financing purposes, so you'll end up paying again for another appraisal.", "replies": [{"id": "hnvur96", "text": "We don\u2019t even know where to find a appraiser to appraise this property, thanks for the advise", "replies": [{"id": "hnvv8cv", "text": "You can go to the appraisal institute website and there is a search function for finding appraisers. No way to speak to how good they will be obviously. If you do decide to go this route I advise you to just ask for a restricted use appraisal since the lender won't be able to use it. Essentially that just means they'll give you charts with a value conclusion without all the fluff and writing that is required for bank appraisals. That should help keep the fee down.", "replies": [], "depth": 3}, {"id": "hnxi5k5", "text": "Are you getting a loan or paying cash?  Are you contracting a realtor or attorney who may have local referrals?", "replies": [{"id": "hnxmafd", "text": "I might buy it with cash, I offered 425k I never done business in this town/state. So I\u2019m waiting on their counteroffer to hire someone.", "replies": [{"id": "hnxwamr", "text": "Would it help the seller agree to your price if they knew when and how you would be paying?", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "hnxlq14", "text": "Check the next closest market if you don't have anyone locally.", "replies": [], "depth": 3}], "depth": 2}, {"id": "hnxllxx", "text": "Really? Must be market dependent - in mine you could obtain a transmittal letter for the buyer.", "replies": [{"id": "hnyedeu", "text": "So you're saying in your market a buyer can hire the appraiser, then after the fact a lender will accept a reassigned  appraisal to them? Technically speaking you can reassign appraisals as long as you get a new engagement from the lender, but beyond that, it's a USPAP violation and the appraiser could get their license revoked.", "replies": [], "depth": 3}, {"id": "hnyjmaz", "text": "Yes, reliance letter", "replies": [], "depth": 3}], "depth": 2}, {"id": "hnyjdjw", "text": "They might accept a reliance letter, no?", "replies": [{"id": "ho10a2p", "text": "I've only ever seen those when it's from bank to bank, not from an appraisal a borrower engaged to a bank.", "replies": [{"id": "ho1hdpo", "text": "Good to know. I've had a property appraised here in Canada and a reliance letter was provided to the bank/lender. No issue with it. If the LTV is high, I can see them wanting a new one or it might be market specific.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hnvpyl6", "text": "If there are no recent close comps, your options are to look further back in time or look more widely geographically.", "replies": [{"id": "hnvumet", "text": "Is there any good website out there have these data?", "replies": [], "depth": 2}], "depth": 1}, {"id": "hnwj46i", "text": "What about replacement cost? Sounds like there is vacant land nearby\u2026", "replies": [{"id": "hnx9vtl", "text": "I\u2019m sorry, what do you mean by replacement cost in this case?", "replies": [{"id": "hnxudi2", "text": "Cost of land plus cost of like kind replacement building. Using this analysis is likely to come up in your favor right now. Building a 30k sf building is going to be more than $20 psf right now.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "hnwufen", "text": "A commercial real estate appraiser would be able to give you a professional opinion of value. Will cost a little, but worth it to make sure you\u2019re paying a fair price", "replies": [], "depth": 1}, {"id": "hnx4v3u", "text": "Those are astronomical property taxes!! Texas???", "replies": [], "depth": 1}, {"id": "hnxk1gb", "text": "If you are an owner user I would be most concerned about how the space fit your overall need.  That would be location, building layout, etc.    Your primary goal isn\u2019t real estate investment, it\u2019s to get a building that will allow your business to thrive and make you more money.  \n\nHaving said that, at $20 per ft I don\u2019t see a whole lot that can go wrong if you like the space.  It would certainly be much cheaper than building ground up.", "replies": [], "depth": 1}, {"id": "hnxm8fi", "text": "At some level you just have to decide what you're willing to pay. How long has it been on the market? I'm guessing it's vacant given you plan to be an owner/user. Do you know how long it has sat vacant? Would any other potential users have a need for the space in this market? Is the space divisible? Consider the land value without improvements as a potential downside down the road. If it's a small town, you better be willing to hold onto it in the event you need to sell it down the road, as those assets can remain on the market for much longer. The Walmart nearby definitely helps. \n\nAs others have stated, the large appraisal firms could help determine an approximate value for it. Possibly a BOV versus a full blown appraisal. That said, those transactions are hard to value regardless with minimal sales comparables and a valuation is only as good as what someone is willing to pay.\n\nGood luck.", "replies": [], "depth": 1}, {"id": "hnxu0uo", "text": "Call a commerical realtor in next town to provide some sales history using sold comps, $/sf, cash flow approach.  It is something you need to do if you are getting a commercial loan.", "replies": [], "depth": 1}, {"id": "hnygfa7", "text": "Don\u2019t screw around if you want market value get a general certified appraiser and a BPO from your broker.", "replies": [], "depth": 1}, {"id": "hnyj8wr", "text": "You get an appraiser.\n\nAppraiser is likely going to get comparables for land in a similar location, eg on the same highway or nearby etc. They can look at proximity to population centers etc and figure out out, then determine the depreciated value of a building of the same utility (replacement cost).\n\nThose two values together will provide the land valueb unless there is a higher and better use. If there is a higher and better use, then it's the land value if vacant minus the cost to demolish the building", "replies": [], "depth": 1}, {"id": "ho02kj8", "text": "www.Deepblocks.com", "replies": [], "depth": 1}, {"id": "ho4qqd2", "text": "If you have no comparison than you have to know what is sqft add or multiple it. Following Wilson Pierrime landpage and website page WilsonrealtorNYC.com Thanks!!", "replies": [], "depth": 1}]