We have a piece of property (80K SF) just off an exit (I-75) in Florida, near home developments and a small city. It is zoned commercial office, retail, or light industrial. Been trying to sell it for 5 years and of course the market is gone. What can you do with a piece of property like this until tehj market gets better in 3-45 years? It has good road frontage, and we did have an offer from a hotel builder at one time (fell through).
TPW
I wouldn’t build without a tenant already committed (build to suit), but you might be able to generate some income while you are waiting to sell it. There are things like park-to-sell autos, fruit stands, coffee kiosks, and stand venders who will pay rent for a place to park and set up business.
Also, it might be worth your while to look into trading it for something else.
I’m assuming this is a busy street since a hotel builder at one time wanted to build a hotel on it. Anyway, I knew a guy from Detroit who’d buy up useless commercial parcels at tax sales and then lease it out major billboard advertisers. He was saying he was getting $5K+ per year per parcel and the billboard company would set up the billboard and maintain it. If he couldn’t get a billboard on it, he’d dump the property. He was actually making quite a good living off of it.
Dave::
Brilliant idea! Thank you for sharing.
Rob