Ideas and color choices for a restaurant property rehab?

Question

Hi everyone, I recently bought a restaurant property in Iowa and am now thinking about rehab. As you can see the building is pretty dated and will need a sharp look to attract potential tenant.

I am thinking about removing trees, vestibule at the entrance, all signage/banner, replacing front windows, installing an overhang at the front entrance, and repaint roof, soffit, and wall.

Am I going in the right direction? If so what color should I paint the roof and wall?

If not, any recommendations? Should I go for a new roof or use stucco?

Any and all advice is appreciated!!

Raymond Chow · Answer

@Joel Owens Thanks. Just want a confirmation.

@Alex Bekeza That's a really good point. My least broker told me a Mexican restaurant will fit in really well in the neighborhood. I just don't know how to that play into exterior color or fit and finish.

Alex Bekeza · Answer

Removing those things will give a nice clean slate for the restauranteur to see his vision but you should also consider what type of restaurant is most likely to lease the place?

This will impact everything from colors to textures and possibly even some structural changes. I don't imagine this neighborhood in Iowa to be the bustling, competitive restaurant market like other metro cities but these things will still be important to potential tenants. Most importantly I would make sure you work with contractors who specifically have restaurant experience. This will be most important for interior renovations because they will have experience with what features will tend to invite sanitation issues and therefore possibly deter a tenant.

Do you have any leads on tenants?

Joel Owens · Answer

Mom and pop.

Raymond Chow · Answer

@Jim Adrian I am certainly not a visionary type of person so I am going to get a local architect involve.

@Joel Owens My goal is to get $10/sqft/yr. Is that in the mom and pop range or regional tenant range?

Joel Owens · Answer

You need a VOID analysis from a commercial tenant rep broker. They will look at if mom and pop,regional, or national tenant makes most sense based on location and age of building.

If you are getting mom and pop tenant they tend to not be able to pay too much per sq ft versus sales to stay in business so have to be careful on getting value back on upgrades.

Jim Adrian · Answer

@Raymond Chow

If you are not a visionary type of person, I would hire an architect that has interior designer on staff as well. You will need both for this. In the end it will be money well spent. I would find an architect local to the area of the building. They will need to do field verification on may things.

Raymond Chow · Answer

Thanks for the ideas Andrew. I bought it from my dad as he was raising money for his business. He didn't have time to take care of the place so I wanted to give it a try. Maybe I should of hire an architect to fix this up.

Andrew Kerr · Answer

@Raymond Chow - seems like a cool project. I could see how updating the outside, repaving the parking lot, doing things like adding privacy screen on the roof to hide the HVAC system would make it a lot more attractive.

How did you find the deal? What made you choose Iowa?

Keep us updated on the project!

How did you find the deal? What made you choose Iowa?

Keep us updated on the project!

Ideas and color choices for a restaurant property rehab?

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