Main Street Commercial Space: Other Uses?

[Cory St. Esprit]

I have a main street commercial unit in Butler, PA. The tenant moved out and we have it listed for rent. It was a brewery, then it was most recently a thrift shop. It's about 2,000 sq.ft of space, open ceiling, couple of bathrooms, etc. Wondering what, if anything, I could do to spruce up the place to make it more attractive to a potential tenant OR if there are ideas of what I could personally do to it that would create some nice cash flow for me (co-working spaces, etc.). There's 3 floors of old apartments upstairs we have an architect working on a plan right now. Rental listing available here.

[Nathan Gesner]

Quote from @Cory St. Esprit:

I have a main street commercial unit in Butler, PA. The tenant moved out and we have it listed for rent. It was a brewery, then it was most recently a thrift shop. It's about 2,000 sq.ft of space, open ceiling, couple of bathrooms, etc. Wondering what, if anything, I could do to spruce up the place to make it more attractive to a potential tenant OR if there are ideas of what I could personally do to it that would create some nice cash flow for me (co-working spaces, etc.). There's 3 floors of old apartments upstairs we have an architect working on a plan right now. Rental listing available here.

What's the demand in your market? What are people looking for? It looks like the street is full of attorneys, real estate, and other reputable businesses, so the location looks to be strong.

Exterior looks nice and fits with surrounding buildings. Interior is a blank slate, which could be good or bad.

I realize I haven't provided anything useful.

[Henry Clark]

3 floors plus a basement?  What is access to the other floors?  Your parking is very limited, especially with the fire hydrant and no curb access around it.  This only fits with a small office type business.  I would take a hard look at residential on all 4 floors.  Less revenue swings with residential and less impact, than with commercial customer change overs.  Run the numbers.

[Michael K Gallagher]

Not necessarily what you can do ahead of time to make it attractive but you can always advertise a TIA budget along with the asking rent so prospective tenants know you are willing to put up some money to improve it to their liking.  

[Kristi Kandel]

Quote from @Cory St. Esprit:

I have a main street commercial unit in Butler, PA. The tenant moved out and we have it listed for rent. It was a brewery, then it was most recently a thrift shop. It's about 2,000 sq.ft of space, open ceiling, couple of bathrooms, etc. Wondering what, if anything, I could do to spruce up the place to make it more attractive to a potential tenant OR if there are ideas of what I could personally do to it that would create some nice cash flow for me (co-working spaces, etc.). There's 3 floors of old apartments upstairs we have an architect working on a plan right now. Rental listing available here.

We are looking at several mixed-use projects right now. I’d suggest talking to the city to see what the zoning allows for from a use and density standpoint. Also speak with the economic dept, Chamber, and any business incubators in the area. They are all going to have insights on the existing businesses that might want to grow/move spaces, types of businesses looking for spaces, and the need of the area. 

Housing is always a plus and depending on the location the city might be willing to reduce required parking for the location depending on the circumstances, street parking, or walkable public lots. 

When you work in partnership with the city you can see if they have economic grants, TIFs, etc. to help offset the remodel costs to both the commercial space and the residential. See if there are county or state programs to help with housing as well. MI and OH have quite a few programs in all of these areas.  

[Chris Mason]

Quote from @Kristi Kandel:

Quote from @Cory St. Esprit:

I have a main street commercial unit in Butler, PA. The tenant moved out and we have it listed for rent. It was a brewery, then it was most recently a thrift shop. It's about 2,000 sq.ft of space, open ceiling, couple of bathrooms, etc. Wondering what, if anything, I could do to spruce up the place to make it more attractive to a potential tenant OR if there are ideas of what I could personally do to it that would create some nice cash flow for me (co-working spaces, etc.). There's 3 floors of old apartments upstairs we have an architect working on a plan right now. Rental listing available here.

 Also speak with the economic dept, Chamber, and any business incubators in the area. They are all going to have insights on the existing businesses that might want to grow/move spaces, types of businesses looking for spaces, and the need of the area. 

 +1, go market it everywhere local businesspersons congregate. 

I'm not telling you NOT to improve/upgrade the property, but I'd exhaust all free/cheap options to market it as-is first. There may be some local business that would LOVE that property as-is, that just doesn't know about it.

I'd start with some fliers, and walk down the street, drop one off at every existing business. Maybe the theater needs an annex for props, maybe business is booming at that law office and they need a place for a call center, maybe the plumber has his crap all over their home and the spouse is sick of it, maybe the insurance agent has always wanted to open their own office but just never saw a great location like what you have, you just don't know if you don't ask. If you're going to compensate a leasing agent, certainly 100% mention that when in the real estate offices on that street, you want them pushing your product too.

Then I'd walk my happy butt into all the local business networking events and market it. Chamber as mentioned, the local BNI chapters where you as a "guest" can give your 60 second pitch to a room full of business owners, if someone where pitches another small business owner meet up then go there, etc.

Aside from the trivial cost of fliers, this is all free. Your time has value, yes, so be strategic about it... boy scout troop and PTA meeting would be a waste of time.