If you are a real estate developer who would be interested in developing a property for commercial uses what are things that you would be looking for?
Someone in my office just listed a few acres and I am determined to sell it. I'm working on creating a presentation for the land, community, and potential businesses that could go in this location if it were to be developed. I have never made a presentation for this sort of thing before.
What is it that really matters? What do you not care about? What can be done to really catch attention and convince someone to develop this property?
@James Mann What's the highest and best use for the property? How many VPD pass by there? What other new developments have gone up in a 30 mile radius? How many of each fast food, hotel, insurance agency, etc are nearby? Are you involved in the chamber of commerce? What types of businesses are opening in the area? What types of business are opening in similar towns in the region? What are the 10 fastest growing chain businesses in the area?
That is some of the information that I have started to put together. Population growth, job opportunities, current business that are in the town and then businesses that aren't in the town but are in towns that have similar demographics and populations that also do well that could be potential places that would lease commercial spots if someone were to develop it. I have also been creating a chart to show that property value is increasing and home ownership is increasing.
It is an 8 acre property for sale right in front of a Walmart and McDonalds. The Walmart was opened 5 years ago. So I feel like there is a lot of potential there for someone to develop it. Only been on market 15 days. I want to sell this thing so bad lol
Understand that a deal that size might take a year or longer to close even with an offer on it. A developer typically will not buy a piece of land without getting site plan approvals, zoning, LOI's from tenants,etc. Being 8 acres it might go mixed use. The topography of the land also determines cost. Cost of steel and labor are up for developers.
Unless the land is dirt cheap then do not look for a quick sale. If developers pay a good amount for land then they like to line everything up before they buy. Due diligence costs alone and fees could run over 100k or more even before closing on the property to start developing it.
That was great info to have back thanks! This property is listed at 1.2 million for 8 acres located in front of Walmart and McDonalds.
Do you have a picture map to put here of the 8 acres to see how it is positioned?