How do I determine the most profitable use for a commercial plot?

[Manish A.]

We own a 64,000 sq ft area of commercially zoned land in a busy area in Maryland.  

How do we determine the most profitable use for the land?  Options include multi tenant (retail strip), single large tenant like a CVS, medical bldg, etc.  

Are there any companies that could help us figure this out?

Any help is greatly appreciated.

Thanks

Manish

[Bill Gulley]

Your best bet is to contact an MAI appraiser in your area and ask for a feasibility study as to the highest and best use.

It's not always up to you from a market aspect, unless you build it. 

Almost 1.5 acres, but the "lay of the land" shape, frontage will support or eliminate alternatives besides the market analysis. 

I can tell you doctors want to be less than 5 minutes from the hospital and medical specs will add another 50% to class A office construction, ball park, less if the tenant does all in-fill.  

A Mini-Mart, C-Store? We could speculate all day.

Look to office-warehouse, cheapest construction, class A front, usually long term tenants as they tend to stay put. Probably the best ROI.

I don't know your area, but 1.5 acres is small for a strip center 25-30% being building.

Ever think of just putting a sign out- Will Build To Suit ?  The market can tell you what's best at a point in time.

Bottom line, get a commercial appraiser, an engineer and/or a commercial contractor/developer on board. You may get Realtors knocking your door down, there is a different motivation and experience level there which is why I didn't include them for the initial team. :)