Investment properties vary in size, shape, and dimension. Additionally, not all rental properties are commercial properties. A shopping center and office building are commercial properties, but what about apartments and condos? It can become confusing, but no worries! Ullian Realty is here to clarify the details on commercial investment properties.
What is Considered a Commercial Property?
Commercial property is a real estate property utilized for business purposes.
This definition includes:
- shopping centers
- manufacturing facilities
- other types of businesses
- apartment complexes
Who Can Purchase a Commercial Property?
There are numerous ways investors purchase commercial properties. You can go in as the sole investor or together as a group. Many times investors will create a large investment firm to purchase and manage multiple commercial properties. Do your due diligence and look into commercial investment strategies before signing the dotted line. Work with a local broker to research types of properties you want to invest in as well as those that will thrive in your location.
What Type of Tenants is in a Commercial Property?
Unlike residential property, you can use commercial properties for many different purposes. Some buildings have multiple tenants while others contain single tenants. Office buildings are often multitenant, where manufacturing facilities may only house one business. Some tenants only want to lease for a few years, whereas other tenants may be ready to sign a contract for 10 to 15 years.
What are the Costs of a Commercial Property?
This question is best answered with the input of a local commercial real estate broker such as Ullian Realty. Generally speaking, you need to know whether you will house a single tenant or multiple tenants. Assess the typical needs based on the businesses you hope to attract. Research the costs of building permits and any upgrades needed to bring the building up to code. You also need to factor in taxes, insurance, and maintenance fees.
Now that you have a better understanding of what is considered a commercial property contact Ullian Realty to learn more about the local properties available on Florida’s Space Coast.
Our brokers have over 50 years of combined experience guiding commercial real estate investors to the right properties. Contact us today to learn more.