Finding the best commercial property for sale in Melbourne, FL requires research to make the best decision for a long-term investment. There are several variables to weigh as you learn about the area.
The right data impact your investment decisions. At Ullian Realty we help our clients answer important questions about commercial property investing every day.
Here are four things to consider when looking for the right commercial property for sale.
#1 Consider Travel Time
This may not seem as important at first, but the initial steps of owning a commercial property demand your time and attention. Are you willing to drive over an hour to meet with contractors who are working on upgrades? Will you have the time to travel to a property in another town if a problem arises? Are you hiring a property manager to handle the day-to-day demands of having tenants?
#2 Consider Commercial Property Size
Commercial properties come in all shapes and sizes. Some properties house one renter, such as a manufacturing company. While others have numerous tenants, such as a four-story office building. The more tenants, the more time you spend managing the property. If you work with a property manager, confirm whether or not they are able to manage additional properties.
#3 Consider Population Demands
PropertyMetrics.com recommends looking at population changes from the past few years. Examine the types of businesses that have come to the area and which industries are looking to expand. As populations increase, additional restaurants, gas stations, and grocery stores will also look for commercial property or land for growth.
#4 Consider Economic Trends
What are the top industries in the area where you want to purchase commercial real estate? Are you looking at an area that is already booming or is up and coming? Are young professionals looking for condos in a certain area of the city? Do companies need upscale retail spaces? It’s possible to reduce your investment risks with research into local economic trends.
At Ullian Realty our local brokers understand Brevard County, FL economic trends. With over 50 years of combined experience, our experts will help you examine which commercial properties for sale are best for your long-term investment plans. To learn more about the Ullian Process contact us today.