If you just started your search to find commercial real estate in Corona, you may be wondering where to look. There are many different types of commercial real estate you can invest in, so it can be a challenge to decide which to choose. If this is the first time purchasing real estate, you may be unsure of what to look for in an investment property. That’s why I have written this page. Here, you will get a better idea as to what exactly to look for when trying to find commercial real estate in Corona.
Qualities to Look for in a Commercial Real Estate Property
Before you start your search, you should consider the type of property you want to invest in. This will dictate what type of tenants you attract, as different businesses require different types of space. Do you want a retail space or a stand-alone office space? Do you want an industrial property or a property designed for a small business? In addition to the type of property, there are several other factors to consider, which you will see below.
Size
For commercial real estate, the size of a property is very important. Your property should be the perfect size for your ideal tenant. Your commercial real estate property should be able to comfortably fit a business’ clients, employees, merchandise, equipment, etc. You also don’t want the space to be too big for most tenants to afford. Usually, properties that are larger in size are also a bit more expensive, so try to find a happy medium. Of course, if your interest is to attract particularly large or small businesses, be sure to let your commercial broker know. The more you understand the needs of potential tenants, the more likely you will make a great decision on which property to purchase.
Location
The location of commercial real estate in Corona is also very important to consider. As you may know, there are many neighborhoods you can choose from in the Corona area. You should look for a property that is central to many other businesses and that has great accessibility. These two qualities should help you attract more people who are interested in renting the space for their own business.
Appearance
Another very important factor to consider, when on the hunt for a great commercial real estate property, is appearance. The appearance of your property will matter a lot to potential tenants. Be sure the property you decide to invest in is attractive. It should be a balance of stylish and neutral to ensure it won’t scare off renters. If you personally wouldn’t move a business into a property, perhaps you should reconsider purchasing it.
In regards to appearance, something else you should consider is what you allow your tenants to change in their space. Allowing tenants to make minor changes to their space can be a selling point. These changes could be something as simple as changing paint colors, or as big as knocking down walls. Expect these questions to come your way once you start allowing tenants to rent out your commercial real estate.
The Costs of Owning Commercial Real Estate in Corona
Along with the purchase price of your property, you will face many other costs as a property owner. If you calculate the costs associated with owning the property, it will be much easier to calculate an appropriate rental rate for your tenants. Consider the following potential costs:
Utilities
As a property owner, you have the option to charge your tenants for their utilities. Charging your tenants may be the best decision for you as they can be very expensive. Another option is to work the utilities into your tenants’ monthly rental cost.
Before purchasing your property, make sure all of the utilities on the property work properly during inspection. Fixing utilities like air conditioning systems and electrical outlets can get very expensive. If any utilities aren’t in good working order, then you can definitely bring this up as you negotiate the cost for your investment.
Renovations
There is a chance you will need to renovate your new commercial property after purchasing. Whether that be changing the floors, knocking down walls, or upgrading fixtures, you may need to do some upkeep. Try to get a rough estimation of how much these renovations will cost so you know how much your property will actually cost.
Repairs
If your tenants damaged your property, it should be their responsibility to make any appropriate repairs. However, if your property is damaged by someone, or something, other than your tenants, then you will most likely need to cover the cost for repair. These repairs could include new roofing or patching damaged areas, broken air conditioning units, or plumbing issues. Hopefully these expenses do not come up often, but you should still budget for them. This is especially true if the investment property is fairly old.
Are You Ready to Purchase Commercial Real Estate in Corona?
After reading this, it is my hope that you are a little more confident in purchasing commercial real estate in Corona. If you are ready to start your search, it is a great idea to hire a commercial real estate broker who specializes in the Corona area. A broker will help you find the perfect property that matches all of your needs.
If you are ready to start your search, I’m prepared to help you. I am an experienced commercial real estate broker in Corona who can help you find your ideal investment property. To get started, simply connect with me through my contact page.
Have any question in mind?
Contact Mike now!
