Car Dealership Commercial Property

[Cody M.]

Hello all! 

Wanted to start a thread and hopefully gain some insight into folks who have purchased automotive dealership lot/store fronts and leased them out? I've only dealt with residential at this point but am looking into self storage and on my search for commercial I stumbled upon a car dealership property where the owner is moving out of state and motivated to sell the property. Ideally he will be stay there for 10 months and lease the property from the new owner while he gets ready for his move. 

Has anybody leased out a car lot before? It is equipped with the following: 

- Office 

- 2 mechanic bays with lifts 

- 1 bay for mobile detailing 

 - Car lot for 70 cars 

Lot of ideas go through my head but figured i would reach out to the BP community. Maybe renting it out to a dealership and using NNN leases after his 10 month? I haven't made any deals yet in the commercial space yet so any advice would be appreciated.

thank you in advanced 

Cody 

[Jeremy Greenamyre]

First, have you done any environmental due diligence?  If it is/was an automotive repair business I'd be concerned about underground storage tanks, surface contamination, etc.  If this space is in Kansas, Google: "KDHE KEIF", which will provide you a searchable map of 'known' potential issues.

[Cody M.]

It was an auto dealership but thank you i will look into that!

[Virginia Franzese]

Quote from @Cody M.:

Hello all! 

Wanted to start a thread and hopefully gain some insight into folks who have purchased automotive dealership lot/store fronts and leased them out? I've only dealt with residential at this point but am looking into self storage and on my search for commercial I stumbled upon a car dealership property where the owner is moving out of state and motivated to sell the property. Ideally he will be stay there for 10 months and lease the property from the new owner while he gets ready for his move. 

Has anybody leased out a car lot before? It is equipped with the following: 

- Office 

- 2 mechanic bays with lifts 

- 1 bay for mobile detailing 

 - Car lot for 70 cars 

Lot of ideas go through my head but figured i would reach out to the BP community. Maybe renting it out to a dealership and using NNN leases after his 10 month? I haven't made any deals yet in the commercial space yet so any advice would be appreciated.

thank you in advanced 

Cody 

 Hey Cody! One of the guys on my team, Mo, has quite a bit of experience in this space. I'll make sure you two are connected! I know you've been chatting with Gary, too (he filled me in yesterday). Exciting stuff!

[Cody M.]

That would be great! Thank you so much Virginia! Yes I chatted with Gary, great member of your team!