Many people think about purchasing residential property and renting it out to tenants. However, commercial properties can actually make an even better investment. If you would like to purchase commercial property so that you can rent it out for a profit, you’ll want to get started by remembering these three tips.
3 Tips for Buying Commercial Property To Rent
- Do your research about the area
- Look for the best deals
- Be Willing To Fix It Up
Do Your Research About the Area
Location is very important with just about any type of real estate. When it comes to running a business, though, it is arguably even more important than for residential real estate. Make sure that you purchase commercial property in an area where business owners will want to set up shop, or you will have a hard time renting out the property and making a profit off of it. Plus, you can ensure your property values go up by choosing commercial property in a good area.
Look for the Best Deals
If you want to make the most out of your investment, it’s important to look for reasonable pricing on commercial property. If you can’t find any good deals, you may want to wait a little longer before making your purchase. Do your research about pricing in the area, and work to negotiate a lower price before buying if you can.
Be Willing to Fix it Up
You might get lucky and find a commercial property that is ready for use right away. If you want to maximize your investment, though, you may have to spruce up the building a little bit. After all, business owners will be more likely to want to rent from you if the property is in good shape. Plus, fixing up and maintaining the property is a good way to increase and maintain its value so that you can one day sell it for more than you paid for it.
In the meantime, check out these 1-click searches:
- All Businesses for Sale
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- Bars & Restaurants
- Marinas for Sale in Key West
- Investment Properties
- Business Opportunities
Newest Key West Commercial Properties on the Market
![2710 Roosevelt Blvd Boulevard N KEY WEST, Florida Prime Restaurant/Bar location for lease in Key West. Seller is motivated and will consider all serious offers. Very visible endcap location in Overseas Market. 6,000 sf. interior available and includes all Furniture, Fixtures and Equipment. Licensed for over 200 Seats. Includes an SRX/COP liquor license and a large full service bar inside with bar seating and tables. Comfortable Indoor AC dining and outdoor patio seating available. A ton of parking surrounds the restaurant. Perfect location for a major national Restaurant and Bar or other Retail uses are possible. Favorable, long term 20 yr. lease in place, started in Feb. 2017 with approx. 14 yr. balance. Landlord Approval required for any Lease assignment. Current Denny's franchise is optional and would require Denny's application and approval. Denny's opened in Key West back in 1996 at another location by current franchisee. Overseas Market just went through major improvements. Current tenants in Overseas Market include Winn Dixie, Ross, CVS, Five Guys, Domino's, Advanced Auto, US Post Office, Jersey Mike's and other retail and office tenants.](https://cdn.photos.sparkplatform.com/flk/20240524160808514044000000-o.jpg)
2710 Roosevelt Blvd Boulevard N KEY WEST, Florida
2 Baths 6,000 SqFt
![295 51St Street Gulf MARATHON, Florida Exceptional 6-unit multi-family commercial property conveniently accessible from both 51st Street and 50th Street. This property offers unparalleled convenience and charm in the heart of Marathon. Comprised of three buildings surrounding a serene courtyard oasis complete with a sparkling pool, tiki bar, and grill. Boasting a total of five efficiencies and a separate two-bedroom, two-bathroom unit, making it an investor's dream. Each unit has undergone extensive remodeling, featuring tile floors, impact windows, AC systems, state-of-the-art appliances, cabinets, and quartz countertops. Ample off-street parking for over eight vehicles. Zoned MU Commercial with six TBRs (Building Rights), this property offers versatile opportunities for investors, whether for short-term rentals, long-term leasing, or commercial endeavors.CA/NDA and proof of funds or bank pre-approval is required.](https://cdn.photos.sparkplatform.com/flk/20240408235334380252000000-o.jpg)
295 51St Street Gulf MARATHON, Florida
7 Beds 7 Baths 2,614 SqFt
![243 61St Street Gulf Street MARATHON, Florida A rare and unique income producing Hotel in Marathon. Tropical Cottages is a boutique & very profitable Mom and Pop Motel. Total of 11 valuable Transient Licenses, 13 Rooms plus office with kitchen & check in room. There are 9 buildings on the property, 8 adorable free standing cottages and the main building with 3 rooms. Each room has been tastefully and tropically renovated inside and out. Each room is unique and comes fully furnished. Most of the units have small kitchenettes including sink with microwave and refrigerator. All units have refrigerator & microwave. Each of the cottages have shiny new Victorian shingle roofs. Additionally, there is a large Tiki Hut & Bar along with Food Truck with seating area. The Food Truck is leased for $5,000 per mos. and the Tiki Bar operations are owner operated. Both add to income and a great amenity for the guests. On site is a full laundry room with Commercial grade washers/dryers and storage rooms throughout. All housekeeping is done on site. Small but friendly efficient staff has been there long term and willing to stay on with new owners. There are a total of 6 lots encompassing over 1/2 acre of land, total .56 Ac or 24,384 sf. There is ample off street parking for guests. Zoning is GC and land use is recognized as Hotel/Motel. Bonus of Deeded waterfront access at the end of 61st St. which has a boat ramp and staging area for all types of watercrafts and sports. Same family ownership since 2010. Tropical Cottages was started back in the mid 1950's as a Fish camp and is one of the few remaining Mom & Pop Motels throughout the Florida Keys. Priced at just over 7% cap rate. Motel generates substantial Net income year after year to current owners. Sellers may consider Seller Financing to a qualified buyer and must have 40%-50% or more down payment. Terms to be negotiated.](https://cdn.photos.sparkplatform.com/flk/20240306215504991065000000-o.jpg)
243 61St Street Gulf Street MARATHON, Florida
13 Beds 14 Baths 4,461 SqFt
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