Commercial Property, also called commercial real estate or income property, is defined as a buildings or land that is used for business activities. It is intended to produce a profit either from capital gain or rental income. Medical centers, malls, hotels, office buildings, retail stores, farm land, multifamily housing buildings, garages and warehouses are categorized into commercial property.
If you want to buy commercial real estate, there are some important things to consider.
- The first one is location. Location is a key determinant of whether the purchase will ultimately turn out to be successful or not. It is ideal if your commercial real estate is located as close as possible to your clients, suppliers, employees and also vendors to minimize transport costs and maximize exposure to customers. So, make sure your commercial property is attractive to potential renters or it is able to be economically improved to be attractive.
- The second one is condition. If you want to buy commercial property, you need to think about how much repair the property before it can be used, how much the repairs will cost and how long they should take to be completed. If the property will not be ready to be used soon, investing in it can turn out to be a costly mistake.
- The third is access and parking issues. Make sure that commercial property that you will buy has easy access to customers and sufficient parking to accommodate them and also enough parking spaces for staff.
- The fourth is zoning and improvement limitations. You have to know that not all commercial properties are zoned for the similar uses or can be allowed for certain improvements. You need to check with the local planning departments to discover what the zoning of the commercial property you are interested in buying is and what it permits.
Now, after knowing about several things that you need to consider for buying commercial property, it is time for you to search the commercial property. If you are looking for real estate for being sold, bought or rented, you are able to access the website of Zillow. But, if you want to find commercial property, Zillow cannot help much. In the website of Zillow, they state that Zillow does not permit commercial property. That site only accepts residential listings. Other things such as industrial, commercial, timeshares or farm and agricultural properties are not allowed in Zillow.
Short term rental listings, vacation rentals or fractional rental properties are also not allowed. However, if you want to try to search commercial property in your browser, some results come from Zillow. One of the results that you can find in Zillow is a building at 70 Broad St, New York, NY 10004. This American Bank Note building consists of three levels of corporate facilities including reception, lobby and conference rooms and also three elegant full-floor residential apartments that can be accessed by a private elevator.
So, we can conclude that even though Zillow’s statement says that commercial property is not allowed, but you are still able to find it even though in limited number. If you want to get complete results of commercial property, you are able to access other websites such as Costar, Loopnet and Enriched Real Estate.