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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

Now available is a majority interest in the Courthouse Business Center. Offered are 3 of the 37 individual units. These popular one-room offices were built new in 2001. Located in Old Town Key West at the entrance of Truman Annex at the corner of Thomas and Southard Streets. Offices are on both 1st floor and 2nd floors, building provides shared kitchenettes, restrooms, and a shared parking lot. Size of the units range from 123sq.ft. - 171sq.ft., total 445 sq.ft. All three units are on long term leases until 2027 with the state of Florida. $383,725 Active

302 Southard Street 3 Units for Sale KEY WEST, Florida

4 Baths

First time on the market in 38 years. This attractive multi-family apartment building is in a very desirable Old Town location on Grinnell Street between Olivia Street and Truman Avenue. The property has seven non-transient rental licenses and is currently configured as six units composed of two studio apartments, three one-bedroom units and a two-bedroom unit. All units have exterior entrances, share an on-site washer and dryer and separately metered for electricity. The building is located in the X zone and is in good condition with CBS construction and a metal roof. This property would make excellent employee or staff housing. Rental income and annual expenses are available. Advance notice is required for all showing. $1,995,000 Active

909 Grinnell Street KEY WEST, Florida

7 Beds 6 Baths 2,790 SqFt

Office suite for lease at 1010 Kennedy Drive #302. Enjoy a freshly painted personal office suite offering a professional work environment with elevator access to 3rd floor and shared bathroom. Each office suite is private and quiet. Rent includes internet, electric and water, association dues, building maintenance, insurance and access to board room for meetings or group zoom calls and training. Unit 302-2 is approximately 160sqf and offered furnished or unfurnished with receptionist to greet clients, receive mail and packages. Base rent is $1100 plus sales tax. $975 Active

1010 Kennedy Drive 302-2 KEY WEST, Florida

1 Baths

Office suite for lease at 1010 Kennedy Drive #302.  Enjoy a freshly painted personal office suite offering a professional work environment with elevator access to 3rd floor and shared bathroom. Each office suite is private and quiet. Rent includes internet, electric and water, association dues, building maintenance,  insurance and access to board room for meetings or group zoom calls and training. Unit 302-1 is approximately 215sqf and offered furnished or unfurnished with receptionist to greet clients, receive mail and packages.  Base rent is $1100 plus sales tax. $1,100 Active

1010 Kennedy Drive 302-1 KEY WEST, Florida

1 Baths

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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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