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

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Tips for Buying a Commercial Building

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

6440 Maloney Avenue $12,000,000

6440 Maloney Avenue Stock Island, Florida

9,418 SqFt

1622 Overseas Highway $9,900,000

1622 Overseas Highway MARATHON, Florida

3,400 SqFt

59073 Overseas Highway $7,990,000

59073 Overseas Highway MARATHON, Florida

2 Beds 22,069 SqFt

919 - 921 Duval Street $3,995,000

919 - 921 Duval Street KEY WEST, Florida

9 Beds 6 Baths 4,173 SqFt

3574 Overseas Highway 1-7 $3,750,000

3574 Overseas Highway 1-7 MARATHON, Florida

5 Beds 5 Baths 8,413 SqFt

99304 Overseas Highway $3,700,000

99304 Overseas Highway KEY LARGO, Florida

7,651 SqFt

100150 Overseas Highway $2,900,000

100150 Overseas Highway KEY LARGO, Florida

2,436 SqFt

909 Frances Street $2,400,000

909 Frances Street KEY WEST, Florida

3 Beds 3 Baths 1,728 SqFt 0.040 Acres

19269 Bad George Road $1,650,000

19269 Bad George Road Sugarloaf, Florida

6,205 SqFt

8349 Overseas Highway $1,499,000

8349 Overseas Highway MARATHON, Florida

2,179 SqFt

188 La Paloma Road $1,400,000

188 La Paloma Road KEY LARGO, Florida

3 Beds 2 Baths 1,392 SqFt 0.150 Acres

372 Mahogany Drive $1,400,000

372 Mahogany Drive KEY LARGO, Florida

4 Beds 3 Baths 1,661 SqFt

1075 Duval Street $1,300,000

1075 Duval Street KEY WEST, Florida

1 Beds 1,625 SqFt

916 Red Bird Road $1,300,000

916 Red Bird Road KEY LARGO, Florida

5 Beds 3 Baths 2,556 SqFt 0.110 Acres

511 Greene Street 101 $1,100,000

511 Greene Street 101 KEY WEST, Florida

4 Baths 6,455 SqFt

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:

  • 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

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

Very rare opportunity to own a piece of Key West History! The iconic Coffee Mill in Old Town, Key West is one of the most recognizable buildings on the island. Built prior to 1907, the property was home to an active coffee bean processing plant until the 1950's. In recent years, the building was famously home to one of Key West's most popular dance studios -- and now is being used as a holistic medicine and wellness center. The current owners have done extensive renovations to update the space to today's standards while maintaining many of the historical features of the property. Updates include a complete modernization of the electrical and plumbing systems, new central A/C and ductwork, masterful restoration of the original hardwood floors, and the construction of private treatment rooms and a business office -- all while preserving the original exterior and character of the building. Additional features include multiple skylights, a period correct metal shingle roof, beautiful historic arched transom windows salvaged from Henry Flagler's Casa Marina hotel, and an updated bathroom. The property is up to current building code and ADA compliant, and was awarded a Ceramic Star for historic preservation and a Certificate of Excellence by The Historic Florida Keys Foundation. The Coffee Mill has been a staple in Old Town for over 100 years and continues to be an important part of the historic district. Commemorating its roots, a section of the milling equipment has been preserved and is on display in the main room of the Mill. Located just steps from world famous Duval Street and walking or biking distance to the island's best restaurants, shopping, and galleries. If you're looking for a space that's as unique as Key West itself, look no further than the iconic Coffee Mill. Easy to show! $1,000,000 Active

916 Pohalski Street KEY WEST, Florida

1 Baths 1,256 SqFt

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Posted in: Buyers, Buying Commercial Real Estate, Buying Tips, Commercial Real Estate Tagged: Buying a Commercial Building, Tips, What to Look For

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Key West Office

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

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

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

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

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RE/MAX Advance Realty
305-444-7111 Office

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

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

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