Tips for Buying a Commercial BuildingWhen you’re buying a commercial building in the Florida Keys, here’s what you need to know:

  • Which commercial real estate sector you want to invest in
  • The local area around the building you want to buy
  • What finance experts say
  • What construction experts say
  • How to deal with the legal side of the process

Know Which Commercial Real Estate Sector you want to Invest In

There are different types of commercial buildings that you can buy. They include retail, industrial, office, multifamily, and mixed use. For example, multifamily commercial buildings are the least risky of this bunch. This is because you rent out the building to families that are less likely to delay in rental payments. The downside is that the return on investment can be quite low because you are leasing the commercial building to individuals instead of companies.
This move will help you define your financial goals and weigh the available options.

Know the Area

Before you buy any commercial building, do some research on the area. How is the security of the place? You want somewhere secure because it will increase your likelihood of getting tenants. You should also know about local laws and regulations. Find out the tax rates on commercial buildings. Are they feasible given the condition of the market?
Another thing that you should look out for is the availability of social amenities and accessibility. If the commercial building that you want to buy is located in a favorable area, the value of the property will go up at a faster rate, guaranteeing you a higher return on investment.

Consult with a Finance Expert

Commercial real estate is expensive. This is especially true if the building is located in a favorable area. There are certain hidden costs and tax charges that you may have pay when purchasing a commercial building. Consult with a professional accountant so that you can know about all the unknown costs.
The financial expert will also advice you on the most appropriate financing method.

Consult with a Construction Expert

Unless you are qualified structural engineer, never buy a commercial building without involving a construction expert. They have to conduct a property assessment and determine the condition of the property. They will look at whether the building is structurally sound and worth the money.
Not all sellers are honest; some could sell you a commercial building that needs a lot of maintenance. When you involve a structural engineer in the initial purchase process, you avoid such scenarios.

Deal with the Legalities of the Process

If you have already settled on a commercial building, ask your attorney to carry out due diligence for most of the legal requirements. They should make sure that you have secured all the necessary permits and begin the process of transferring ownership.

Hot Key West Business Opportunities

Are You Looking for Commercial Property in the Florida Keys?

Use our site to search commercial real estate in Key West and all of the Florida Keys. Unlike the “big name” sites out there, our site is directly connected to our local MLS and is updated with new properties every HOUR. By creating a Property Manager account you can stay on top of the newest businesses that go up on the market and get Price Change alerts so you can stay ahead of other buyers and beat them to the best deals!
In the meantime, check out these 1-click searches:

Newest Key West Commercial Properties on the Market

This is the price for one lot. Total of three contiguous, commercial dry lots at the end of 20th St. Oceanside. Big bonus, each lot includes a deeded and assigned deep water wet slip! Each lot may be purchased individually or together. Each lot is 94.5' wide by 110' deep and has its own water & electric meters. Three addresses are 351 20th St. Ocean, 361 20th St. Ocean and 371 20th St. Ocean as the end lot. Each lot is part of a Fisherman's Pointe HOA with fees of $1,200 per year per lot. Lots are currently being used by Fisherman for trap repair and storage. Favorable Mixed Use- Maritime Zoning allows for many commercial uses.The MU-M zoning district is intended to establish areas suitable for uses which are essential to the commercial maritime industry, including sales and service of fishing equipment and supplies, seafood processing, fishing equipment manufacture and treatment, boat storage, restaurants, retail and affordable housing residential uses.The MU district is designated within the Mixed-use Commercial (MUC) future land use category on the Future Land Use Map (FLUM). $749,900 Active

351 20th St, Marathon MARATHON, Florida

This is the price for one lot. Total of three contiguous, commercial dry lots at the end of 20th St. Oceanside. Big bonus, each lot includes a deeded and assigned deep water wet slip! Each lot may be purchased individually or together. Each lot is 94.5' wide by 110' deep and has its own water & electric meters. Three addresses are 351 20th St. Ocean, 361 20th St. Ocean and 371 20th St. Ocean as the end lot. Each lot is part of a Fisherman's Pointe HOA with fees of $1,200 per year per lot. Lots are currently being used by Fisherman for trap repair and storage. Favorable Mixed Use- Maritime Zoning allows for many commercial uses.The MU-M zoning district is intended to establish areas suitable for uses which are essential to the commercial maritime industry, including sales and service of fishing equipment and supplies, seafood processing, fishing equipment manufacture and treatment, boat storage, restaurants, retail and affordable housing residential uses.The MU district is designated within the Mixed-use Commercial (MUC) future land use category on the Future Land Use Map (FLUM). $799,900 Active

371 20Th Street MARATHON, Florida

This is the price for one lot. Total of three contiguous, commercial dry lots at the end of 20th St. Oceanside. Big bonus, each lot includes a deeded and assigned deep water wet slip! Each lot may be purchased individually or together. Each lot is 94.5' wide by 110' deep and has its own water & electric meters. Three addresses are 351 20th St. Ocean, 361 20th St. Ocean and 371 20th St. Ocean as the end lot. Each lot is part of a Fisherman's Pointe HOA with fees of $1,200 per year per lot. Lots are currently being used by Fisherman for trap repair and storage. Favorable Mixed Use- Maritime Zoning allows for many commercial uses.The MU-M zoning district is intended to establish areas suitable for uses which are essential to the commercial maritime industry, including sales and service of fishing equipment and supplies, seafood processing, fishing equipment manufacture and treatment, boat storage, restaurants, retail and affordable housing residential uses.The MU district is designated within the Mixed-use Commercial (MUC) future land use category on the Future Land Use Map (FLUM). $749,900 Active

361 20th Street MARATHON, Florida

Oversized Waterfront Commercial lot located in the Big Pine Shores neighborhood. This parcel measures approximately 17,000 square feet (0.39 acres) and is zoned CFSD-12 (Coastal Fishery and Shoreland District) per Monroe County records, offering a rare opportunity for Fishing related activities and or residential development. Geraldine Street runs roughly north-south on the island's eastern side, placing the property on the bay side (Florida Bay), not the open ocean. This is a corner lot with canal frontage on two sides. In addition there is a solid, concrete seawall that surrounds both canal sides. Estimated control depth is approximately 3-4 feet, based on typical depths in the area. This bayside location offers boat access to Florida Bay. There are no structures on site; the property is vacant land only. No personal property is included in the sale. Buyer to verify utility availability and development requirements. This is a prime piece of waterfront land in the Lower Keys with flexible potential. Situated on Geraldine Street in Big Pine Key, this property provides a blank canvas with waterfront for fishing related activities or as an investment project. $775,000 Active

29557 Geraldine Street Big Pine, Florida


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