Commercial Remodel?

[Tom Mendez]

I have a 5k sq ft property in need of updating.

My thoughts go first to the fact that it was previously a restaurant. Am I correct in thinking that 'once a restaurant, always a restaurant,' and that this is the only way to utilize this property?

It was simply a single-story property with a large parking lot before being converted into a restaurant.

Can I just reconfigure/rehab this location, or am I stuck with trying to sell off a restaurant?

Thanks for the help?

[Adam Johnson]

@Tom Mendez - before you spend a dime, spend a few minutes researching the current zoning as well as talking with the local building department to make understand whether it could be a restaurant still AND also what else it might also be. It is important to know your options before you spend money! Doing this exercise will also put you in a much stronger position to market the property, as you will already have a pretty good idea of the potential uses of the property. You will want to try to determine the highest and best use of the property, but you will also want to learn about other potential uses as well.

Never, ever assume anything, especially with commercial property zoning. I own a mixed use building that was part of a recent rezoning from formerly residential-agricultural to commercial zoning. As a result, I have fewer legal options as to what I can do with the building (go figure). Apparently somebody decided that this was "progress".

Know your facts before writing any checks. This is also very important when marketing the property - if you market it and say that it can be used as "x", and it later turns out that is incorrect, you may find yourself in a very awkward legal predicament.