Investor · Spring Valley, NY · Member since 2015 · 54 posts · 11 votes
Hi guys,
I'm about to go into contract on a 10 unit mixed use property. 8 residential occupied, and 2 commercial 1 of which is occupied. The building is a corner lot and the vacant commercial space is around 40' on the avenue and 50' on the street. What's the best way for me to find the right commercial tenant for this available 2k sq ft space. Any advice will be greatly appreciated!
Moshe
I'd look at the block you're on and a couple of blocks in each direction. What services are available? What amenities are available? What is lacking? (i.e. Do you need a dry cleaner?) Then, I would target what isn't available already. Specifically, I would set a rental price at market and then offer a discount to specific types of establishments. The goal being that by enhancing the convenience to your residents, you can gradually raise rents on the residential doors. Find those specific establishments by marketing to them through trade associations, Chamber of Commerce, vendors, etc. Heck, you could even do a marketing flier on the space and drop it off at other locations of the types of establishments you're looking to attract. Maybe one of those places is looking to expand its presence.