this is my very first post onto bigger pockets ever!
I was driving down in Providence, RI that's was when I came across a sign in a vacant lot which read " AVAILABLE APPROVED 40 UNIT PLUS RETAIL. Residential, commercial, freestanding, parking. I am brand new to the real estate industry and I want to know how I can make this possibility into a reality. so what better place to ask than bigger pockets?!
Hi Dylan! Sounds super cool, congratulations on the find! If you've got a commercial property you're checking out, the first thing would be to quantify how profitable it currently is(if at all), and then what the future value of the property may be. Property values for a commercial property are based on NOI, so I'd encourage you to learn about NOI and this will help you evaluate this property and future properties as well!
@Dylan Hess where is it in Providence and what was the asking price?
@Anthony Thompson I bet it's the one on Atwells Ave right at the edge of Federal Hill
@Dylan Hess another factor to consider right now is building cost. Material costs have gotten pretty expensive lately. I'd suggest reaching out to the seller to pricing. Then you'll be able to run some numbers to see if it makes sense!
@Luan Oliveira nail on the head it's 434 Atwells ave