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3 Things To Avoid When Buying Commercial Property

When buying commercial property, it’s tempting to make an offer on the first property you fall in love with – and while you might not make an error by following your heart, chances are greater that you could. You should consider buying commercial property the same as entering a committed relationship, because that’s what you are doing. You need to carefully consider the pros and cons of the property and if there are any “deal breakers” before you commit to a commercial property. While your heart may lead you in the right place, you want to doublecheck that everything is a match with what your intellect says (and sometimes that’s hard to separate!) While you do this, these three things are necessary to avoid while buying commercial property.

3 Things To Avoid When Buying Commercial Property

  •  Not knowing the demographics of the area
  •  Not knowing local rent and property values
  •  Failing to be honest with yourself about the cost of repairs

If you don’t know the demographics of the area – which are characteristics like the median age of people who live in the area, their income status, number of young families as opposed to older retired couples, cultural values and social norms of people living in the area, you have a much higher chance of making a mistake when buying commercial property. You wouldn’t want to buy a building for the purpose of opening a children’s indoor playground in a community that is 90% retired people, unless you had special factors and had done your homework – if many of the residents are raising their grandchildren, it might be a sound decision. You need to really research the area and watch what’s happening in the local area.

If you have no idea what local rent value or property values are, you really can’t be sure if you’re making a sound business decision or getting a good deal. Business is all about competition – and competitive rates for similar structures/businesses in area. Do your homework. What did a similar building sell for last month in the area? How many similar buildings are on the market and how long are they typically on the market?

Not being honest with yourself is the downfall of any relationship, and it would definitely impact your success as a commercial property owner. You may absolutely love a building, but if it needs a lot of costly repairs, you have to take a step back and assess the situation. Do you actually have the funds or a high potential for return investment to make them? If so, how long until you’d see a return investment? A lot about business and buying commercial real estate is timing. You must take this into consideration when buying commercial property.
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Newest Key West Commercial Properties on the Market

If you missed it last time this property is back on the market. A rare opportunity on Lower Matecumbe. The potential is limited only by the imagination. This prime location on US 1 with open water ocean views is zoned NC (Neighborhood Commercial.) Also listed as a Multi-Family dwelling. Originally permitted by Monroe County as a 3 unit apartment building, today it has a 2 bedroom 1 bath unit upstairs with a good monthly rental history. A 7-day vacation license from Islamorada is possible. Downstairs has an office with an ocean view with a kitchen/dining room and a bedroom and half bath. The 6900 sq ft lot is fenced on both sides and the rear for privacy, an outdoor shower, washer and dryer and trailer storage while the front is open for parking and presently a rental business for kayaks and bicycles. The office with a view is occupied by a Mai D'cor a home design center. Zoning allows for a variety of other ventures in this perfectly located residential/commercial property $1,590,000 Active

74452 Overseas Highway ISLAMORADA, Florida

3 Beds 2 Baths 3,346 SqFt

Rare opportunity to own a versatile property in the heart of Key West's vibrant Truman Waterfront. This property has been home to several Grocery Stores making it the perfect investment for those who seek flexibility and multi-purpose functionality. Loaded with potential, this property sits on a large 94.6 X 43 foot lot approximately 4067 square feet. Located on the corner of Truman Avenue and Emma Street with a 1200sf building being sold ASIS. Many possibilities with the NEW Truman Waterfront Park, Amphitheater, Fort Zachary Taylor beach park all nearby. Future use based on city approval. $1,400,000 Active

200 Truman Avenue KEY WEST, Florida

1,200 SqFt

Hard to find small office space available in Old Town! Freshly updated professional offices 290sf for $1300+ per month. Join the friendly business environment at Key West Theater catering to local small business owners. Wifi, electric and water included, sales tax is in addition to the monthly rent quoted. $1,300 Active

524 Eaton Street 208 KEY WEST, Florida

2 Baths 16,470 SqFt

Hard to find small office space available in Old Town! Freshly updated professional offices 170sf for $1000+ per month. Join the friendly business environment at Key West Theater catering to local small business owners. Wifi, electric and water included, sales tax is in addition to the monthly rent quoted. $1,000 Active

524 Eaton Street 211 KEY WEST, Florida

2 Baths 16,470 SqFt

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Posted in: Business Loans, Business Solutions, Buyers, Buying Commercial Real Estate, Owning a Business Tagged: 3 Things To Avoid When Buying Commercial Property, mistakes in buying commercial property, things to avoid when buying commercial property, things to find out before buying commercial property

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