Can't swing a cat

I was looking around for a possible retail location and saw this place listed for $495,000. It's a single story older brick building that is approximately 20 x 20 ~ 400 square feet. We took a ride to take a fast look. It's not a wreck, but it's not in great shape either. At more than $1,200 per square foot, I can't figure this one out.

"There's not enough room to swing a cat."