Whether it’s a retail store, an office building, a restaurant, a hotel, or any other property, if you want to buy commercial space, you’re going to want to find the most reliable and experienced purchasing commercial real estate agent possible. Salem Advisory, LLC is a leading Battery Park City, NY commercial real estate buying agency that has been assisting the investors and business owners of New York County with the process of buying commercial property for more than 20 years. We’re committed to providing our clients with customized, personalized, and cost-effective solutions while also ensuring that they have the most enjoyable and beneficial experience possible. If you’re looking for a client-focused, results-driven buyer’s real estate agent, look no further than the team at Salem Advisory, LLC!
4 Key Factors You Should Take Into Consideration Prior to Your First Commercial Property For Sale in Manhattan, NY
Large profit margins, historically low prices, tax incentives, and tons of opportunities; these are just some of the benefits that are associated with commercial real estate. If you’re interested in taking advantage of these benefits, you may be thinking about buying commercial property near you. If you’ve never made a real estate buy, however, you might be a bit overwhelmed, as the process of buying a commercial property is a lot different than the process of buying a residential property.
In order to help make the process a bit easier for you, here’s a look at some key features that you should consider before you contact a Battery Park City, NY commercial real estate buying agency.
Determine What Type of Property You’re Interested In
When you picture a commercial property, office buildings might be the first type of real estate that comes to mind. While office buildings are certainly commercial properties, there are several other types of commercial real estate in New York County, as well. Examples include:
When you’re considering which type of property to purchase, you may want to choose something that functions in a way that interests you; however, that isn’t necessarily a requirement. What you should do, however, is do your due diligence and research the different industries in New York County to ensure that you aren’t investing in a property that would be used for an industry that is struggling. For example, even if you’d like to purchase a restaurant, at the present time, the restaurant industry is facing challenges in Manhattan, NY; however, manufacturing may be doing well, so investing in an industrial building would be a better bet.
If you’re a homeowner, there’s no doubt you’re familiar with the phrase “location, location, location”. The phrase doesn’t just apply to residential real estate; it applies to commercial real estate, too. You want to make sure that the property you invest in is situated in an area in New York County where it will be used for the purposes it’s classified for. You’re also going to want to pay attention to the surrounding neighborhood and infrastructures, as these two elements can have a direct impact on the overall value of the property. Examples of some of the things that you should take into consideration when you’re assessing the location include:
Condition of the Structure
You’ll also want to assess the current condition of the building you’re thinking about purchasing. Does the existing layout meet your needs? Do any structural changes need to be made? What type of wear and tear has it experienced? By assessing the condition of the building before you purchase it, you’ll have a better understanding of what kind of additional costs you’ll be looking at for repairs and upgrades.
Assess Financing Options
Unless you’re purchasing with cash, you’ll need to finance your commercial real estate buy. Just like for residential real estate, there are a lot of different financing options available for commercial property purchases. The kind of financing that you’ll be able to secure will depend on a variety of factors, such as your personal and business (if you already have a business) credit scores, the kind of property you’re going to purchase, and the lender that is going to finance your loan. Examples of some of the different types of loans that are available for commercial real estate include:
You should consider getting pre-approved before you proceed with making an offer on the commercial property you want to purchase. Your accountant or Manhattan, NY real estate buyer’s agent will be able to thoroughly explain the different types of loans and can assist you with selecting the right option for your unique needs.
Contact Salem Advisory, LLC for Your Battery Park City, NY Commercial Property For Saleing Needs
For the most reliable help with your commercial real estate buy, contact a licensed, qualified, and experienced purchasing real estate agent at Salem Advisory, LLC. We’ll help you every step of the way! To schedule a consultation or to obtain more information, call 212-517-1077 or visit https://www.salemadvisory.com today!