2000SF office, only 2 parking spots

[Vladut Bujoreanu]

Hey Everyone,

I’m working a creative deal right now where the seller is willing to finance part of the deal at generous terms. In an up and coming part of town. Located right in front of a large navy base. Only issue I’m having is there are only 2 parking spots out front.

i’m looking to pick other commercial investors minds. What first comes to mind in this situation? What kinds of tenants would be best for this kind of building with such low parking?

[Chris Seveney]

Quote from @Vladut Bujoreanu:

Hey Everyone,

I’m working a creative deal right now where the seller is willing to finance part of the deal at generous terms. In an up and coming part of town. Located right in front of a large navy base. Only issue I’m having is there are only 2 parking spots out front.

i’m looking to pick other commercial investors minds. What first comes to mind in this situation? What kinds of tenants would be best for this kind of building with such low parking?

 2000 sf and only two spots - the only thing I can think of is a two person company who does not ever have clients come visit. That will reduce your pool significantly. 

[Bill Brandt]

Accountants that bike/scooter/motorcycle to work?

A plumber/electrician/AC shop where customers never come to the shop? (Just park repair trucks there.)

Some kind of delivery only business. 

How bad/far away is the street parking?

[Vladut Bujoreanu]

Quote from @Bill Brandt:

Accountants that bike/scooter/motorcycle to work?

A plumber/electrician/AC shop where customers never come to the shop? (Just park repair trucks there.)

Some kind of delivery only business. 

How bad/far away is the street parking?

 Unfortunately there is literally no street parking in the area and the vacant land next door and corner store are not willing to lease or sell parking spots. 

The property is right on the main road entrance to the base. 

[Jay Thomas]

This seller financing deal in an up-and-coming area sounds intriguing, partner. While I can't provide specific financial advice, let's delve into thoughts on the parking situation and potential tenants. Limited parking can pose challenges, affecting the tenant pool and potentially requiring lower rent. Considering the location near a navy base, businesses catering to military personnel like repair shops, cafes, or convenience stores may be viable options. Professional service businesses such as offices for accountants or lawyers, with appointment-based clientele, could also thrive. Additionally, providing space for home-based businesses or shared offices may appeal to those needing occasional in-person meetings. It's essential to explore alternative parking solutions, like leasing nearby spaces or offering valet services. Consider implementing flexible work arrangements for tenants, such as staggered hours or remote work options, to mitigate the impact of limited parking.

[Vladut Bujoreanu]

Quote from @Jay Thomas:

This seller financing deal in an up-and-coming area sounds intriguing, partner. While I can't provide specific financial advice, let's delve into thoughts on the parking situation and potential tenants. Limited parking can pose challenges, affecting the tenant pool and potentially requiring lower rent. Considering the location near a navy base, businesses catering to military personnel like repair shops, cafes, or convenience stores may be viable options. Professional service businesses such as offices for accountants or lawyers, with appointment-based clientele, could also thrive. Additionally, providing space for home-based businesses or shared offices may appeal to those needing occasional in-person meetings. It's essential to explore alternative parking solutions, like leasing nearby spaces or offering valet services. Consider implementing flexible work arrangements for tenants, such as staggered hours or remote work options, to mitigate the impact of limited parking.

Thanks for sharing. It has two levels, so I might just separate both into two shared spots. But then each one would only have one dedicated parking space. I called the city to see if they would be willing to lower the property taxes or do anything to help with the fact that parking is so limited. I have also debated turning this into an airbnb or hotel given the navy base and how many visitors it gets (think foreign military, family visits, etc...). I called the city and because nothing in the immediate area is zoned residential that it would have a very small chance of being converted into a duplex.