I have a small commercially zoned lot in a urban but residential area. The crime is high and it is a block away from a busy retail corridor. What are some options for this property?
Just looking for ideas. Thanks.
Is the area in decline? Or is it improving? If it's in a redeveloping urban area that shows promise then you might want to hold onto the lot for the long term until the area turns. What are the annual holding costs? You might have to hold on to the lot for 5, 10 or 20 years to realize a significant gain. I'm not sure how much the lot is worth however it might not be worth very much. Holding onto the property would be a long term bet. How did you acquire the property? How much did you pay?
You mention that it's in a residential area but near a busy retail corridor. Is the lot on a main road with a lot of visibility and traffic? Or it is set off in a residential neighborhood?
Is the area in decline? holding steady a tiny bit of investment in the area.
What are the annual holding costs? $2,500
How did you acquire the property? How much did you pay? Acquired the property for cash sale. $15,000.00.
Is the lot on a main road with a lot of visibility and traffic? Or it is set off in a residential neighborhood? It is a block behind the main road - in the residential area.
I bump this thread. Just started a similar topic...
One idea, that I really love, is a laundromat. You should see if there are any around in your area. You own the business and the real estate! What's better than that. I would look into it but the property I'm looking into has one adjacent to it.
What about renting space to RVs or trailers on AirBnB or elsewhere? My lot is almost an acre, 150ft main road frontage and driveway, but half is sloped steeply. I think laundromat parking would eat up space, and trying to stay cheap while building savings and watching the neighborhood grow.
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