• Favorites
    • Sign up/Log in
    •  305-296-1400
    •  Email
    •  Locations

Commercial Real Estate in Key West & the Florida Keys by RE/MAXCommercial Real Estate in Key West & the Florida Keys by RE/MAX

  • Menu
  • Home
  • Commercial Search
    • Commercial Property Search
    • Our Commercial Properties
    • Newest Commercial on the Market
  • Property Types
    • Bars & Restaurants
    • Office Buildings
    • Marinas
    • Hotels/Motels/B & B’s
    • Investment Properties
    • Leasing
    • Industrial/Warehouses/Other
    • Business Opportunities
    • Multi-Unit
  • Selling Your Property
    • Commercial Property Valuation
    • Residential Property Valuation
  • Search by Area
    • Key Largo
    • Islamorada
    • Marathon
    • Big Pine Keys
    • Key West
    • Duval Street
  • Residential Search
  • About
    • About Us
    • Meet the Team
    • Client Reviews
  • Blog
  • Contact

Three Common Pitfalls To Avoid in Commercial Real Estate

If you’re in the market for a new commercial real estate property, it’s an exciting time! No doubt you have many dreams of where your new business and building can take you. Always be sure that reality and your goals align, however. It can be tempting to overlook certain things because there’s other aspects about a building that we love, or to ignore other troublesome signs that may appear. Sometimes, we don’t even know how to look for troublesome signs! The most successful transaction is when the buyer and the commercial property are a good match for what the buyer has in mind. There are many things that can be done to change certain factors about commercial properties (such as renovations) but other things will not change (such as location in a high crime neighborhood, despite being a beautiful estate!) Your real estate agent wants you to have a successful future in your commercial property, so it’s best to keep three common pitfalls in mind.

Three Common Pitfalls To Avoid in Commercial Real Estate

  • Misjudging How Much Space You’ll Need
  • Choosing the Wrong Location
  • Making An Emotional/Impulse Purchase

It’s actually fairly common to misjudge how much space you will need, particularly when you have never had experience with commercial real estate before. Purchasing a place that is too small or too large are both major errors, for different reasons. If it’s too small, you may not have enough space to even house your employees, not to mention do business, and if it’s too large, you will be paying astronomical utility bills and may find yourself in financial distress. If you know for a fact you will be expanding your business, too much space may not be a bad thing, if you can afford the upfront costs – just make sure you have a clear 1 year and 5-year business plan, preferably with a CPA or advisor, when you make a purchase.

Location really is everything for the prosperity of a business. It needs to be conveniently located for your customers/tenants, but you also need to consider things like zoning, ordinances, taxes, the availability of parking, and where the majority of your employees live and/or go to school, if you employ a lot of college-aged people. Keeping your demographic of both internal and external customers in mind is very important for the well being of your business. Is the location safe? What are insurance rates for the area? These all need to be investigated, and are highly dependent upon location.

Emotional reactions to commercial properties are common – just as they are to residential properties. You see a property and say, “Oh, I love it! This is the place!” Maybe it really is, but you need to take a few days to let your emotions cool down while you investigate details and if the property meets your needs, and also be sure to get a few trusted professional opinions about how well the property would work for what you have in mind. Your gut reaction may be exactly right, and if so, that’s wonderful. Taking a few days to make sure won’t hurt anything.

In the meantime, check out these 1-click searches:

  • All Businesses for Sale
  • Office Buildings
  • Hotels, Motels & Bed & Breakfasts
  • Bars & Restaurants
  • Marinas for Sale in Key West
  • Investment Properties
  • Business Opportunities

Newest Key West Commercial Properties on the Market

Space is on US 1 (Truman Ave) coming into Old Town. Large display windows in enclosed room off entry foyer. Could be storage for merchandise below or some type of seating use. Enter the main space through double glass doors into one large room, approximately 14' X 50'.  Kitchenette and bathroom at the back of the space.  Wood floors and high ceilings appoint the room. Street parking in front or on side streets.  High traffic location and close to everything. Studio, retail or office are all possible uses. $2,400 Active

1026 Truman Avenue down KEY WEST, Florida

1 Baths 1,658 SqFt

Built in 2007, this commercial, mixed-use property is situated on White Street off of Elgin Lane very close to Eaton Street and minutes to the Historic Seaport. The current commercial tenant is using the office space for chiropractor services. As you enter the front door, the current layout is as follows. A waiting area and enclosed front desk greet you. To the left of the waiting area is a private windowed office. As you continue into the space there is a treatment room to the right and a supply room to the left. Either of those rooms could easily be transformed into another office. Further on there is an efficiency style kitchen and an ADA compliant bathroom. A set of floating desks lies beside the kitchenette. There is the possibility here for 4 offices and a floating workspace. The property offers 3 off-street parking spaces for the business including an ADA compliant spot in the back of the building.  A private entrance in the rear of the building will lead you up a flight of stairs to the two one-bedroom, one bath units. Each unit offers a small kitchen and loft area. These apartments are in the affordable rental pool. ($1,600 each per month) Great place to live and work! $1,150,000 Active

412 White Street 101 KEY WEST, Florida

2 Beds 3 Baths 1,513 SqFt

Ideal Small Commercial Space for Lease in Old Town.  Excellent location next to the laundry mat on the corner of Eaton and Elizabeth Street's. Perfect for small retailer or business professional with approximately 500sq.ft. of space and street visibility. $2,950 Active

627 Eaton Street down KEY WEST, Florida

1 Baths 500 SqFt

Perfect private office space with windows available for lease office 214 is approx. ~162sf, perfect for two+ desk. Join the friendly business environment catering to a diversity of local small business owners located the 626 Josephine Parker Office Suites in Old Town Key West. Common area breakroom & restrooms, electric and water included. Sales tax is in addition to the monthly rent quoted. Parking is assignable and $150 in addition to rent each month. $1,000 Active

626 Josephine Parker Drive 214 KEY WEST, Florida

2 Baths 162 SqFt

View ALL

Posted in: Business Solutions, Buyers, Buying Commercial Real Estate, Owning a Business Tagged: business decisions, Business pitfalls, Common Pitfalls in Commercial Real Estate, Location in Commerical Real Estate, Office Space

About Curtis A. Skomp, CCIM

Subscribe to our mailing list

* indicates required



Primary Interest *

Describe Yourself *


Post navigation

« Three Types Of Commercial Business Loans
Three Amazing Reasons To Invest In Commercial Real Estate »

Key West Office

RE/MAX ALL KEYS REAL ESTATE
305-296-1400 Office

Business Address:
517 Duval St Suite 200, Key West, FL 33040

View RE/MAX All Keys Real Estate Key West location on Google

Key Largo Office

RE/MAX ALL KEYS REAL ESTATE
305-451-0060 Office

Business Address:
98880 Overseas Hwy, Key Largo, FL 33037

View RE/MAX All Keys Real Estate Key Largo location on Google

Miami Office

RE/MAX Advance Realty
305-444-7111 Office

Business Address:
7220 Red Rd., South Miami, FL 33143

View RE/MAX Advance Realty South Miami location on Google

© 2022 · Curtis A. Skomp, CCIM · 305-304-0084 · Sitemap · IDX Sitemap · IDX XML Sitemap · Commercial Properties Key West FL
Disclaimer - All Rights Reserved by RE/MAX Commercial

Licensed in Florida | Key West FL Commercial Real Estate

AREAS WE COVER:

33040, 33043, 33042, 33050, 33036, 33037
Key West, Stock Island, Big Pine Keys, Marathon, Islamorada, Key Largo

Log in · Agent Center Page · Real Estate Website by Real Estate Websites by YourSiteNeedsMe.com