See a piece of commercial real estate for sale and wonder what you can do with it? Real estate investing is a lucrative business that doesn’t always require hands-on activity.
Buying commercial real estate means that you own the building, meaning that you don’t have to have the slightest clue about the industry that wants to inhabit your space. Although, it wouldn’t hurt to.
There are a number of industries that are always searching for new spaces. The following business types are great investments when it comes to property buying.
Restaurants are everywhere, and they usually sink or float. For this type of business, you really need to be savvy in the restaurant scene. Are there a lot of restaurants in the area? Is there a restaurant nearby that offer similar cuisine? What sets this restaurant apart from the rest?
It’s hard to know if a restaurant is going to be successful before they gain business. If this is a chain restaurant or new location for an existing place, then you’re playing on the safer side. If your potential tenants are looking to start a new restaurant altogether, ask for references. Heck, even ask them to make you a meal to prove themselves. You want to make sure that they’ll be able to pay you rent before they move into your space.
For lawyers, event planners, psychiatrists, photographers, marketing firms, and more, commercial office space is versatile and low-risk. These companies need a place to do business and are often versatile when it comes to layout.
When it comes to designing an office setting, it is best to collaborate with your potential new tenant to see what kind of amenities they would like in the space. Can the structure accommodate heavy photography equipment or the amount of people that work in a specific firm? Make sure that your tenant has a say in the space. If they help design it, they may be more willing to stay.
From dentists to general hospitals, all healthcare buildings are located on commercial properties. Private dental and medical practices will often bring former clientele with them, so there should not be a struggle for in-the-door traffic. After all, we should all be seeing our medical professionals at least twice a year.
The struggle with finding commercial real estate for sale ready for the healthcare industry is that not just any building will do. In many cases, these buildings are specifically designed with medical businesses in mind. For example, a dental office needs to have proper plumbing set up in each exam room to conduct cleanings, fillings, and other procedures. If you want to rent to a healthcare tenant, then you’re best off buying a building previously occupied by a tenant in the same industry.
Warehouses, garages, and distribution centers require proper accessibility points. A loading dock would be especially necessary for a producer or shipper of large equipment, for example. For vast space without a lot of dividing walls, though, sometimes storage space is the best option. Plenty of companies look for off-site properties to store their belongings.
When looking for commercial real estate for sale, there are a number of things to keep in mind, including the type of tenant that you are looking for. So although it may seem a little backwards, it may be a good idea to have your tenant in mind before you make a property purchase.