Purchased commercial 12000sf warehouse to rehab. Now what?
I am seeking advice from those who have experience or know a little about commercial real estate.
My Father and I purchased a large 100ft x 120ft (12000sf) warehouse a couple months back. The building's foundation and structure as a whole is solid, however there is much to be done in terms of TLC. (ex - random brick replacements, minor roof repairs, paint, etc).
We were able to purchase the property along with the adjacent building through owner finance w no interest. The no interest came as a result of us allowing the seller to store his remaining items for a period of two years in the other building.
I should also mention that we own a business across the street so there is always a set of eyes on the property.
Currently we are patching up and remodeling the 12000sf warehouse section. Our main concern is that we want to ensure the building is best utilized and serves a good purpose for the community, as well as make it worth the investment. The only vague thoughts that have come to mind are various storage ideas (cars/selfstorage).
I am hoping some people from bigger pockets might have some suggestions on what we could do with a building of such size.
Pleasant Hill, MO 64080 (Population - 8,218)
This will be our first property that we hadn't put much thought in as to what to offer (service/product) or who (as in tenant) we should solicit. It was simply a deal that could not be passed up.
Any suggestions or ideas will be greatly welcomed. Thank you in advance Bigger Pockets community!!
-Rob