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How to buy commercial property in Tampa, FL

Real estate agent puttung a commercial property for sale sign

Commercial real estate is a choice investment option because of:

  • The innate value of real estate
  • The property’s rate of appreciation
  • The opportunity to generate income
  • The wide range of commercial property options – from mixed-use development to offices to multi-use homes to retail

This flexibility makes the commercial property the ideal option for novice and experienced investors alike.

If you want to invest in Tampa commercial real estate, check out this useful buyer’s guide:

Hire an expert real estate agent

Buying commercial property is much like buying a house but on a much larger scale. Your due diligence will take into account the property’s assets and liabilities, along with its financial records. You’ll need more capital, bring in investors, and require detailed analysis.

That’s why it’s crucial to get a local real estate agent on board with a track record of working on commercial property transactions. Your agent’s ability to crunch numbers and quickly analyze data will help you make informed decisions about the property you’re eyeing.

Your agent should also be able to provide you with the area’s demographic profile vis-à-vis your intended use of the property, its zoning and environmental requirements, and other statistical information.

In short, think of your real estate agent as your partner in determining the viability of your investment, on top of their usual role of finding and closing the deal on the property you want.

When choosing a real estate agent, make sure they have in-depth knowledge of the neighborhoods you’re investing in.

Take a look at their most recent transactions to determine their level of experience. It’s also best if you can interview them in person to get a better sense of their personality and work ethic. Ask if they can provide references from the latest commercial property transactions they worked on.

Assess your financing options

To purchase the property, learn about your financing options. As a commercial real estate buyer, assess which of the following loans suits your needs:

Look to different banks and lenders to get a better idea of the typical fees, interest rates, and repayment terms they charge on the loan you need. To get the best rates, make sure your business credit scores and report are in good shape. In some cases, a lender may require applicants to show their personal credit scores as well.

Do your research

You need to understand the advantages, as well as the risks of commercial real estate investment. Familiarizing yourself with procedures and terminologies will help you understand the process better.

Also, take a hard look at the neighborhood. Real estate is a localized business, which means knowing the market trends of the specific areas you’re targeting. When investing in Tampa real estate, you need to keep abreast of what’s happening in the area and how it will affect your potential investment.

Review the past year’s market trends and the property values in the area so you’ll know what to expect. Talk to your real estate agent about future developments that could impact your potential investment.

Learn about the different types of properties

Commercial real estate is one of the most flexible investment options because it encompasses a range of properties. Whether you’re looking for a quick short-term investment or something long term and revenue-generating, commercial real estate has something for you.

Learn about commercial property types that suit your investment goals and meet your financial needs. The types of commercial properties include:

  • Hotel
  • Retail
  • Multi-family
  • Office
  • Mixed-use
  • Land
  • Special purpose

Visit the property

Tour the premises and be on the lookout for potential red flags. Get a feel of the surroundings as well.

If you’re going to buy a hotel, for instance, look at the condition of the area, the neighboring attractions, and the roads leading to the property. Will they suit the kind of guests you’re after? Is the area walkable to restaurants and recreational options like beaches and the town center?

Make an offer

Craft a competitive offer with contingencies to protect yourself and your co-investors. The contingency clauses should include what happens to the sale if zoning issues, negative property inspection results, and the like come up.

Once the offer has been accepted, the closing process starts. This part of the sale includes escrow, doing your due diligence, and finally, transferring titles.

Are you ready to start searching for commercial property for sale in Tampa? Let Viewpoint Realty International help you find the ideal property that fits your real estate goals.

For over 40 years, we’ve helped countless buyers make the most out of their commercial real estate purchase. Get in touch with Viewpoint Realty International today at 727.584.7355 or send an email to viewpointrealtyinternational(at)gmail(dotted)com.