What to do with commercial building in Rocky Top TN

Question

Trying to figure out a plan forward for a property which has no Mortgage (paid off). Now the zoning is commercial but this is very slow market for commercial Real Estate.

Options: 1)Sell Outright

2)Let sit vacant until rented commercially

3)Renovate and create rental units

4)Building is about 3000 square ft with great road frontage on main Hwy

Joel Owens · Answer

Determine highest and best use for the land. Example retail,hotel,self storage,office,industrial,etc.

Then look at which tenant in the subset of the asset class will give the highest yield. Approach those first and then work your way down the list.

Look at traffic counts in front of your site. Are they decreasing,flat,increasing year over year? Any road widening or improvements planned by the DOT?

What to do with commercial building in Rocky Top TN

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