Does anyone have suggestions on places to find good ‘Sold’ comps for a commercial property? We’re refi-ing our office/business and need to find additional commercial comps in our area, but through all the main real estate apps, LoopNet, Crexi etc, none show as ‘Sold’. thanks,
Real Estate Broker · Colorado Springs, CO · Member since 2018 · 6 posts · 7 votes
3y
Hey Ryan,
The CRE platforms keep that info behind a paywall. I am a Commercial Broker in Colorado and have access to some of those. I'm not familiar with the Nashville market at all, but if you DM me some more specifics about your property, I can pull a few comps for you.
Additionally, if you're doing a refi through a bank, they may send an appraiser out anyways. In which case, the appraiser will do a comp study as part of their appraisal.
Thank you for responding. If you don’t mind, it’s super appreciated. Our property address is 1185 Nashville Pike Gallatin TN 37066. We bought this as residential and turned it commercial into our business (Ot was zoned MRO when we purchased it June 2022). It now hosts 5 office space, just under 2000k sq ft, parking lot added; remodeled and updated everything inside, floors, kitchen, bathroom and added another bathroom. The photos on Zillow are not new the way it is now. Please let me know if you would need anything else to properly review.
Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
3y
Most commercial property is sold off market, broker to broker. Get to know them and ask them if they have sold anything in that immediate area. Regardless, you should be underwriting your deals and make an offer that makes sense for you.