I have completed a couple flips and rehabbed a multi-family and am now setting my sights on a local abandoned factory. I understand this is a different kind of animal and am looking for guidance in this process. I have already gained legal permission to do due-diligence on the property owner, completed a Phase I study, have preliminary drawing to meet local zoning board requirements, and have the Town Economic Developer on-board. However, I wonder if my effort has been in vain as I am not sure if the rents would cover the cost of construction expenses. For this kind of project, should I have gotten a feasibility study done first? As when I have had GC’s come down, I have not been able to get consistent feedback. Can anyone recommend a series of steps I should follow in this kind of effort?
Does it have esufficient electricity, (Single Phase or tripe Phase) water, sewage, etc to meet the requirement of your proposed useage?
What is the current structure?
Is is capable of the useage you propose?
Does it meet zoning rquirements ofr yur porposed useage?
Do you hve a possible prospective tenant lined up and ready to move in?
Commercial and Industrial are so different from residential real estate that with no experience I would be very reluctant to jump into the water,it could be very deep.
Do ALL your due diligence before hand.
Last but not least…why is this building vacant and how long has it been so?
Be very careful…a specific use commercial or industrial building can sit n the market for long, long times.