Selling Commercial Land tips needed

[Account Closed]

I have never thought of this subject before now, and I am completely stumped... My in-laws have asked my wife and I to assist in getting a lot they own on to the market, and sold within the next few years. We are interested in helping as this may have the potential of my wife and I being able to receive as a gift a portion of the sell and invest that as a down payment for a rental of our own. Let me describe this lot to you. It is a corner lot, zoned for commercial, and I believe light industrial (? I'll have to check the county's records tomorrow). It is in a developing section of town where large business are moving to, or expanding. It has two sets of full utility hook ups (Electric, Water, Sewer, Gas, Telephone, and Fiber). It is about 10 acres on a corner lot, with both roads recently paved. It has a natural spring on the property, and is located in a flood zone (but so are all the other manufacturing businesses next door). Besides getting an agent and having it appraised, what other suggestions would you have for us about this land and selling it? And tips? Success stories? Funny stories / experiences? I would like this property to do well, as it could help fund our REIs.

[Sean Murray]

Does the property have curb, gutter, and sidewalk improvements? If not, this could be a significant expense to a new buyer who may ultimately beat you up on price because of this. Also, if the street is not at its ultimate right a way, the city may require a 5-8' set back and you lose square footage because of this.

Industrial/Manufacturing is in high demand at the moment (at least in Southern California), and with the continued growth of e-commerce and companies improving their logistical networks, your property may have great value to a commercial developer.

I suggest you look at land comps and current for sale listings to give you an idea of what you may be worth. Financing is very tough to get for land, so seller financing is a great option to consider