My question is about a deal that seems to be very good but since I am new at this I want to know what type of pitfalls or problems I am overlooking. I am looking to buy a 1000 sq ft office condo for 50K, this is a basement unit that needs some minor touch up work (new blinds to the back, carpet stretched and a good cleaning). The outside maintenance is $135 a month.
On the other end of the building a unit is 2000 sq ft for sale for 200K or available for lease for $10.00 a sq ft.
The rest of the building is leased to insurance, attorney etc.
Seems like a great deal but I would like some input, in addition does a office normally pay for their own water/ electric?
How much harder is it to find a tenant for a basement unit? Basement seems pretty low status to me.
There is different demand for different size offices. I’d find out how much demand there is for 1000 square foot offices. That seems small to me.
Businesses normally pay their own utilities, but it is going to depend upon what you negotiate and what is in the lease.
The owner/landlord normally does all the renovation getting the office suitable to the teannt’s needs. They might need walls moved or other structural changes. Again, it depends upon what you negotiate and what is in the lease.
Thank you for your response, the basement unit will not be very functional for a retail operation (customer facing) but I can easily make the payments if I cannot find a person to lease the property. I do feel as though it is still pretty low cost v/s how much it is worth given the value of other commercial properties in the area.