Owning automotive property can be an exciting and profitable venture. However, there are some caveats that need to be followed and reviewed. What services you will offer will determine the kind of real estate you’ll buy. Property options vary based on these details.
For example, if your automotive property offers simple repairs (brakes, tune-ups, windshield or tire replacement, etc.), this would be zoned as “light commercial.” However, if you wanted to include other services like auto and parts sales, bodywork, transmission repair, this would require a “general commercial,” also known as GC designation.
Once you’ve determined which automotive property type you want, here’s some other particulars to factor in that will help you narrow down your options:
- Incremental costs.
- Effective age.
- Surrounding retailers and businesses.
- How it compares to other similar auto businesses nearby.
- Parking space for customers.
- Look at price-per-square foot.
- Condition of the property.
- Land-to-building ratio.
- Construction quality/types of materials used.
- Lease-worthy opportunities within the overall property.
- Underground hydraulic lifts/storage tanks can cause soil contamination. Newer facilities feature above ground versions (for those interested in a general commercial property type).
Deciding whether you’ll offer light or general commercial auto services is important. The above information should help you avoid wasting time looking at real estate lots that aren’t available for the services your automotive-related business will provide. Or, in the worst-case scenario, stop you from signing a lease at the final hour for an automotive property that doesn’t best serve your needs.
Our automotive property experts at Menlo Group are here to answer any questions you may have about at buying this type of real estate. You can call our office at 480-659-1777 or, email us here – firstname.lastname@example.org. We’re committed to ensuring that your buying, selling and or, leasing experience is a seamless one. We look forward to partnering with you!