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Three Popular Types Of Commercial Real Estate

When someone is looking to define the difference between residential and commercial real estate, the most important thing to help you remember is to consider what the property is being used for. If the primary use is going to be to reside or live in, it is residential property. When the primary use of the property is going to be for profit or to make money, the building would be commercial, even if the owner resides there (with a few exclusionary factors). Its always best to check with a real estate attorney if you are unsure, but if your main purpose of buying a property is the pursuit of income or business, it is like commercial property, which has it its own sets or ordinances and tax laws that you need to be aware of in whatever state and county you reside in. Let’s take a look at three common types of commercial real estate.

Three Popular Types Of Commercial Real Estate

  • Retail
  • Office
  • Multifamily

Retail sounds exactly like it is – the exchange of goods for money. This could include storefronts, a strip mall, an entire mall, outdoor mall, outlet center, storefront, or more. Sometimes restaurants are included in this category, because it’s a rare strip mall or retail center that doesn’t have some type of restaurant located in it. Usually, if there are multiple stores in a strip mall, there is a lead store that does the majority of the advertising and brings in the most traffic. This could be a popular restaurant.

Office space could be anything from law offices, medical offices, urgent care centers, daycare centers, accounting services, even your local real estate agent! In large cities, very large corporations may inhabit massive areas in tall buildings (such as major banks or financial institutions). In smaller towns, office space could be a massage therapist, a tattoo artist, and a lawyer in the same building. In truly depends on building codes and town culture.

Multifamily refers to rental/tenant type situations – usually, apartments or townhomes. As long as it two dwellings connected together, it could qualify as commercial real estate. If it is one home you are buying to lease/rent out, it is not a commercial property, it is still a residential property. Multi-family units can be high-rise building with elevators to four-unit townhomes in the country.

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

  • All Businesses for Sale
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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 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

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

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Posted in: Buyers, Buying Commercial Real Estate, Leasing Commercial Real Estate, Owning a Business, Renting Commercial Real Estate Tagged: definition of commercial real estate, multifamily property, office property, retail property, types of commercial real estate

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