When you purchase commercial real estate, you need to scout out property that will earn you money. Therefore, it’s important to have a list of criteria before diving into any agreements. Whether you’re searching for an investment property or a new office space, use these tips to make a smart decision.
3 Tips to Consider When Purchasing Commercial Property
1. Sensible Location
The perfect location for your commercial property depends on the type of business you run. For example, if you’re buying an apartment complex to rent out to young professionals, it’s important that the property is located either in the downtown area or near a bus or train stop that leads to it.
If you’re running an ice cream shop or boutique that relies on impulse buys from passersby, choose a pedestrian-friendly location that will cater to local foot traffic.
One of the biggest problems that commercial property owners face is accessible parking. If there is no parking lot on-site, you might want to find a property that has space to construct one. It’s also important that you can accommodate specific types of traffic—grocery stores will need loading docks and clearance for large trucks.
Whatever plans you have for your commercial real estate, such as parking garages or truck ramps—make sure that local zoning regulations will accommodate them.
Since you’re buying the property, you have to plan far into the future. Ideally, you’ll need to consider your vision for five, 10, or even 20 years down the line. If you picture your business expanding, you may want to purchase an office space with enough room for double the amount of employees you have now.
If you’re hoping to create a luxury apartment complex with sought-after amenities, you’ll need to choose a property with enough space for building a pool, clubhouse, or private park once you’ve recuperated some of your investment.
If you’re looking for a commercial realtor that understands your vision, reach out to Galvin Realty Group Inc today. This Rochester, NY, property management team can help you find the piece of commercial real estate that meets your expectations. They were founded in 1970 and have catered to a wide range of clients over the decades—from banks and brokerages to commercial storefront owners. To learn more about their real estate management services, visit them online. You can also call (585) 546-1290 to speak with a member of their esteemed team.