Whether you are thinking of buying or selling commercial real estate, you need to be armed with the right kinds of information – what you need to go forward, who can answer any questions you have, where you can get immediate answers. The very last thing you need, at any part in the process, is any unwelcome surprises. That’s why it is vitally important that you view an inspection as a discovery phase and a good aspect of buying or selling. Buying commercial property is a huge investment, and when you’re selling commercial property, it’s wise to know what your strong points are, and what your areas for improvement may be – so that you can get the most return on your own investment.
Three Reasons You Need A Commercial Property Inspection
- Review of the eclectrical systems of the commerical property
- Review of the Plumbing Systems of the commerical property
- Review of the Building Structure of the commercial property
When buying a home, a lot of time and effort regarding inspections may go into things like condition of the flooring or walls. Commercial inspections are less concerned with those things, because those aren’t the things that cost major amounts of money to repair or replace. Commercial inspections are looking at industry standards for commercial real estate, not home real estate. There really is a difference in focus.
For instance, a commercial inspection will be taking a hard look at the electrical systems of the property and comparing them to industry standards. Most commercial properties need their electrical systems replaced, or very seriously upgraded, every fifty years. During this discovery phase, you will discover where the property falls and how long it may be before you are looking at replacing that system.
Plumbing systems in commercial properties are also much different than those in homes, and that’s why a good commercial real estate inspector is needed to take a look at current system and compare them to current industry standards, which should last somewhere in the time frame of forty to sixty years. Photographs are usually taken so that both buyers and sellers can be made aware of the issues that exist and can document point progress at a later date if necessary.
When commercial inspectors look at a commercial building, they are looking at a building that should stand, with minimal work and excluding natural disasters, for a good 70 to 100 years before needing foundational work, for example. This becomes important and industry standards may change when you are in a hurricane prone area (regulations with glass, footers, etc.) The average buyer, seller or owner may have no idea of such things.
To protect your investment and make the most of your time, it’s always a good idea to work with a quality commercial real estate company. They are aware of all the industry standards and who the most experienced local inspectors are. This saves you time and potentially thousands of dollars.
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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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