I am in the process of securing a triplex. It has two units above the ground floor space, which is a commercial storefront. I have years of experience as a residential property manager, but no experience with commercial rental spaces. The location is urban, walkable, and ascending. If my goal is to maximize cash flow and to minimally disturb the tenants who will live above the business, generally speaking, which kinds of commercial tenants are best for these locations? Thanks, in advance.
@Crystal H. Weston Commercial is all about people. Being urban and walkable are strong requirements, as is parking for everyone else. What do the people like to do when they go out IN YOUR AREA? My area has many successful nail shops, hair cutting places, ice cream places, sub sandwiches, day care and taverns. Vet the commercial tenant as you would a residential tenant: what is their business plan, do they have enough funding for the initial build-out and how many customers do they need to make a profit. Read there plan and assess if the numbers seem possible. Is YOUR LOCATION right to achieve such success. You, as the owner, want a business that can stay in business as long as the term of the lease. Don't overlook the boring insurance agents, tax preparers, tattoo parlors and real estate agents.