Park next to busy road. Big Negative?

Question

Hey fellas. I'm looking at a park right now with 2 rows of homes. One row is along a busy two lane road with some schools on the other side.

On one hand I'm thinking the traffic on that road would make it very easy to advertise the park. On the other hand the homes that are along that road might have a higher turnover.

You guys have any thoughts on this or experience with parks like this?

John Arendsen · Answer

Freeways, railroad tracks, busy streets, under flight paths don't always bode well for any real estate investments. That stated I would start with some due diligence on vacancy and turnover history and what the current rents are and where you think you can go with them without upsetting the apple cart.

Account Closed · Answer

@Justin Ramos School  and a walmart and bustop! To me that all sounds like a potentially great location for a park......

Account Closed · Answer

@Justin Ramos When I think busy road, I think it may be closer to certain amenities and maybe quicker commute.  Most deals I have looked at that are by a busy road I would say are generally better located and therefore more desirable.  That may not always be the case and may not be applicable in your situation .  I also like the advertising aspect as well.

Justin R. · Answer

I passed on it. It would've been way too expensive to fix all the issues with it. Owner wasn't willing to budge on price so I had to walk.

John Arendsen · Answer

Sounds like you've pretty much answered your own questions and are just looking for a little reassurance. Gothefuch4it!!

Justin R. · Answer

Also I think the noise problem could be solved very easily by erecting a 10 foot fence and allowing claw vine to grow up it for absorption. I just don't know how hard it would be to get a permit to do that sort of thing. The development office for the county said I would have to hire a structural engineer to plan it out. All I want is a simple corrugated fence. *sigh*

Justin R. · Answer

There's a daycare, an elementary, and a junior high school across the street. A walmart neighborhood market walking distance down the street, and a bus stop around where the walmart is.

I would check turnover history but the current owner only has records for a single year. I think the records were lost when the previous manager was fired for embezelling money.

Park next to busy road. Big Negative?

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