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July 6th, 2010 2:00 PM

Just a few hints when buying commercial real estate in Daytona Beach.  First one sounds a little goofy but isn't.  Take a note pad along with you to write down the strengths and weakness's of each property that you preview.  Take digitial shots as well.  Experience shows once you get past three properties they all blend in together unless you have a way to sort them out.  Make a list in advance of what you need and what would be a non-starter for a property.

Next, know what you're looking for and how you are going to take occupancy/afford it.  Let the commercial broker sit down with you and show you what the true cost of ownership is going to be whether you are leasing or want to purchase?  How much of a down payment will you need?  How much will that down payment eat into the working capital saved to get the business started? 

Next, is a particular location one that you want your business associated with?  Will your customers be proud to visit you there?  Will employees feel safe?

On the construction side, how much renovation is going to be needed? Are you doing it or is the current owner/landlord?  You can bet that even a modest renovation will be at least $10 per square foot.  That means if you need to lease 3000 square feet, someone will need to spend $30,000 to just get the property to where it works for your business.

I'll close with taking you back into the web site to look at the "Perfect Space Analysis".  Don't guess on how much space you need, get it down to the right number by using the Perfect Space spread sheet.  Commercial real estate is expensive. 

Call me if you're buying or selling commercial real estate. I have the preview sheets, know where the property is and can tell you what it will cost before you make the decision to move.  I'm Claude Gardner, 386 846 4135.


Posted by Claude J Gardner PA CCIM on July 6th, 2010 2:00 PMPost a Comment (0)

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