Would not qualify as "substantially improved", but will qualify as "New Use" under Enterpise Zone definitions (see attachment below) Sales price of $5,000,000 would be 5.5% going in cap rate before leverage, with 3% annual escalations. This gives an investor the stability of a long term investment and market pricing, plus getting all deferred taxes abated in 2029 when initial term of lease is up. $1.3M of brand new interior improvements for an updated 2016 building code with a very broad and unique type of use that can go here that has a high barrier to entry without hard to get discretionary use permits.