It’s always go-time in the Miami commercial real estate (CRE) market, and if you’re looking to jump in, our team of real estate law professionals is ready to assist. Whether you’re looking to buy your first commercial property or add to your existing portfolio, there are important steps you should take before closing any deal. Here’s where to start as you zero in on the perfect property.
Start With the End in Mind
Any investment should be made as part of a larger strategic outlook. Consider your motivations for the deal and any goals you have for the property. Commercial properties come in all shapes and sizes, including office, industrial, retail, hospitality and multifamily properties. Each offers different opportunities for you to maximize your investment. Know the type of property you’re interested in and its classification before starting your search, as certain properties carry more risk than others.
Conduct a Market Analysis
Just like purchasing residential real estate, you also want to pull comps on CRE properties as well. Conduct a market analysis to see what comparable properties are selling for and be sure to understand things like vacancy rates for the area, average rent rates, competition for similar properties, and more. An experienced commercial real estate broker can help you assess market conditions for your target property.
Crunch the Numbers
Investing in CRE is a numbers game. Do your due diligence as you assess the condition of the property, its value and earnings potential, and any legal requirements you may need to meet when buying or selling the property.
Understand Local Zoning Laws and Regulations
Miami has strict zoning laws, which can potentially complicate an investor’s plans if not accounted for in advance. To prevent unwanted surprises after closing on a deal, surround yourself with the right team of professionals who can advise you on all aspects of your CRE investment. Included in that list of professionals should be a local contractor who knows building codes and land-use requirements inside and out.
When you’re ready to buy a commercial real estate property in South Florida, our team at the Law Offices of Alex D. Sirulnik, P.A. and ADS Title Services, Inc. is here to support you. Contact us today to ask your questions.