Need idea for small commercial lot
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.
Most Popular Reply
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?