Commercial retail/office space
I'm finalizing an apartment deal and have been actively looking for an office space to use for my real estate business and CPA practice. I've found something near the apartment that I will be managing that makes sense.
The property is located downtown on a busy street and has a good sized parking area which is hard to find. The current owner is moving to new and bigger location. The property will have no tenants though I have some potential tenants lined up to share the building with.
The way the building is laid out it would make sense to have a virtual office area and is very flexible with the types of retail/office clients that would work.
I am considering a SBA 504 loan for the property and would be able to utilize 50% of the building for my businesses with or without a partner. This would leave some room for other tenants as well.
There are a number of office/retail vacancies through out the area and I know this not a great time for finding tenants. That being said there does seem to be demand for smaller offices that provide reception, mail and conference facilities. There is currently nothing like this in the area and it seems like something worth investigating further.
On my part their would be relatively little risk in setting this up because I would be able to pick this up for a very reasonable price.
I'm new to this type of investment and know that I could be missing something. I would love to hear any input from those much more experienced in this area.