Commercial Realestate Newbie questions
Hi All,
I am very excited to be part of this of this forum, I found a nice information and I thought I can post some of the questions here.
We are group of colleagues formed a company to do an investment in strip mall. The lot size is approximately 6 .75 acers.
As a newbie, I am doing lot of investigation on this site to build as strip mall. The biggest confusion to me is where to start?
Currently the place in contract and would like complete our due diligence in another 45 days, I would like to learn as much as I can in this 45 days and purchase the land. So far the below things i got clarified.
1. Latest land survey from the owner.
2. City planning map to understand what are the neighboring places coming up with to understand the strip mall potential.
3. I met with city officials asking about the how much built up area etc...and they confirmed that I can built up 50% of the land.
4. I am approaching the bank for loans , I have not done yet but thinking to start.
What else I have to check before We buy this land? if we decided to buy this land , what are all the tasks involved to complete the project. (We are thinking to hire a builder to help us with the construction) .
the main thing what all the things I have to check and make sure everything is correct before due diligence period , your input and advice is greatly helpful.'
Typically with this size of the land what would be the per SQFT cost to build out? The location Frisco TX . The land is slightly sloped one end.
Thanks
Joe..