Best thing to do with building for high return

Best thing to do with building for high return

Member since 2022 · 3 posts · 0 votes

We have a building that is about 5000 sq ft (4000 first floor, 1000 second floor), we are trying to figure out the most optimal thing to do with it. It is two story, and is currently just a large shop floor with one section that has a second story loft type thing. It also has a large flat upper roof area, although not sure if it could be used for something or not. 

It is in a good area next to businesses and breweries/shopping centers/etc in a busy town. We are trying to figure out a business to put in there, the one issue is there is not a whole bunch of parking on this street or at this property (could maybe fit 4 cars in the building lot, the street parking varies), and the nearest lot is about 700 ft away, across a busy-ish street that does not have a crosswalk on it. The building does have a nice sort of drive through driveway. 


Some ideas we had were:

- daycare 

- gym

- brewery

Basically the people that are renting it now are leaving and we want to put something there that can generate more cash flow. Any ideas?

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  • Jonathan GreeneBusiness Member
    Real Estate Consultant · Madison, NJ · Member since 2016 · 6k+ posts · 7k+ votes
    2y

    Are there any zoning restrictions in terms of what businesses can operate there? That is a good place to confirm what can and what can not go in there.

    What business is in there now? Is there a separate entrance to the second floor? Is there anywhere you can create more parking?

    What you have is a little akin to flex industrial if it's not built out, but just not in a park. There are a lot of options, but try to make a list of three things you think the town needs that it doesn't have right near there and that may point you in the right direction by talking to someone at the town office.

  • Member since 2022 · 3 posts · 0 votes
    2y

    currently there is a cabinet making business there. No separate entrance to the second floor, however could be easily built. 

    Yea, just was asking in case people had success with other things such as storage facilities or other things that do not require a lot of parking. Mainly looking for ideas. 

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