Title: Exploring the Diverse World of Commercial Real Estate Properties 101
Once upon a time in the bustling world of real estate, there existed a fascinating array of properties that offered unique opportunities and experiences. These properties fell into various categories, each with its own distinct characteristics and stories to tell.
Let’s embark on a journey through these types of Commercial Real Estate (CRE) properties:
1. The Office Enclaves: Imagine a world of towering skyscrapers reaching towards the sky, small professional office buildings nestled in urban corners, and single-tenant properties that serve as business havens. From the grandeur of downtown high-rises to the intimacy of local offices, this category encompassed the entire spectrum of workspace possibilities.
2. The Industrial Labyrinths: In another part of the real estate realm, industrial spaces thrived. These spaces ranged from the flexible “Flex” or “R&D” properties to colossal office service or warehouse spaces known as “big box” properties. What set industrial spaces apart was their Clear Height – the height to the bottom of steel girders within the building. Smaller spaces boasted heights of 14 to 16 feet, while the larger ones soared to 40 feet and beyond. The type and number of docks a property had also played a vital role, ranging from Grade Level docks to semi-dock and full-dock options. Some even had Rail Spurs for train cars to load and unload, adding an extra layer of intrigue.
3. The Retail Wonderland: Along the highways and city streets, a vibrant world of retail and restaurants unfolded. Pad sites on busy roadways, single-tenant retail buildings, and quaint neighborhood shopping centers all had a story to share. Larger centers anchored by grocery stores or major retailers like Best Buy and PetSmart created bustling “power centers,” and regional and outlet malls offered a paradise for shoppers seeking diverse experiences.
4. The Multifamily Communities: High above the cityscape, the world of multifamily properties thrived. These communities included sprawling apartment complexes and towering high-rise apartment buildings. Anything larger than a fourplex was considered commercial real estate, bringing together a diverse array of residential options under this CRE umbrella.
5. The Land of Potential: In the heart of future development lay a category dedicated to land. Some properties were pristine, undeveloped land nestled in rural expanses, waiting for the touch of progress. Others were patches of opportunity within urban landscapes, known as infill land, where new dreams and structures could emerge.
6. The Miscellaneous Marvels: Lastly, there existed a category that defied definition – the catch-all realm of “Miscellaneous.” Here, one could find an eclectic mix of nonresidential properties, from the elegance of hotels to the warmth of hospitality venues. Medical spaces provided healing sanctuaries, while self-storage developments held untold secrets. This category was a treasure trove of surprises and hidden gems.
And so, in the world of commercial real estate, these diverse categories wove a tapestry of possibilities. Each type of property had its own story to tell, each with unique traits and potential for those who sought to explore their riches. With each property type, the realm of real estate expanded, offering a world of opportunities for investors, developers, and dreamers alike.
1. Condo HOA Fees
A few important questions to ask before purchasing a condo are about the Home Owners Association Fees. How much are they and what do they cover? Generally, insurance for the outside of the building and surrounding property is covered as well as amenities such as lawn care, snow removal, pest control and outdoor maintenance of the building are usually covered.
2. Are Water And Sewer Included?
One of the benefits of living in a condo is the fact that these types of city services are usually covered. Water, sewer, and trash removal are usually included in the HOA fees. However, this is an important question to ask because in the rare case that it isn’t covered you’ll want to be sure to factor that into your budget.
3. What Is The Condo Management Fee?
Management fees generally cover maintenance of the outside of the property. It
is important to find out how much the fee is and also some background information about the company that is handling the maintenance. You’ll want to be sure that it’s someone you trust in order to protect your investment in the community.
4. Cable And Internet Included?
If cable and internet are an important part of your daily life you’ll want to be sure that you ask about what is available in the condo you are considering. Some of the questions you’ll need to ask include: Are basic cable and internet included? Is it something you’ll need to purchase yourself? Is Wi-Fi available or will you have to set that up as well? Most condos are equipped with basic cable and internet, which can be very convenient when considering a condo as opposed to a freestanding home.
5. Easier To Maintain Than A House?
When it comes to maintenance, one of the benefits of purchasing a condo is the limited amount of maintenance that will be required of you. No more worrying about unexpected emergencies or expensive repairs. Due to HOA and management fees you can rest assured that if something breaks or if the roof begins to leak it will be covered by these fees.
6. Easier To Maintain Than A Yard?
Another benefit of condo living is that you will have no need to maintain a yard. No more mowing and weeding and landscaping to worry about. You will also have numerous amenities that you may not be able to find in a single-family home. These might include a pool, a gym, and tennis courts all of which are maintained by the property. Also the landscaping around the building will be manicured and beautiful without you having to lift a finger.
7. Condos: Turnkey = Worry Free!
If do-it-yourself renovations are not your style then condos are an excellent choice. Generally condos are available without the need for any renovations or updates. There is no need to worry about things such as an outdated kitchen or bathroom. Simply find a condo that is up to your specifications and then move in!
8. Condo Insurance
Finally, if you do decide to take the plunge, be sure to research the best type of individual unit insurance to protect the interior of the condo including your personal belongings. While HOA fees usually cover insurance for the outside of the building you will still be responsible for the insurance on the inside of your unit. This is usually a requirement for purchasing a condo and it’s an important part of protecting your investment. If there is a leak from the condo above you, which damages anything in your unit, it is important that you have coverage.
Owning a condo can be a great investment as long as you do your homework and are prepared for any extra expenses that can accompany the condo lifestyle.
In 2016, Burgess Concept (“BC”), changed from Burgess Design which was created after the Financial Meltdown in 2008.A unique time to start any business in the real estate service.
As a provider of “First Look” and “Conceptual Development Studies” in Commercial & Residential Real Estate, “BD” offers an inexpensive method to testing an acquisition target whether it’s an empty lot or an existing building with the option to expand. The First Look principal allows an efficient low cost tool to position “A Go or No Go”. Buying or selling property has several levels of due diligence that each side has to consider.
The team has prepared plans for site selection, office space and value proposition in several formats including CAD software. We have served our clients by looking at as many reasonably possible, benefits and obstacles that fit the assignment. Our clients have sent us the information about sites in various states across the United States, we have been able to develop concepts or show why we thought the site would not work for the intended use. When a site is not adequate based on the information we have available this preliminary study can prevent the loss of time and money.
Few Examples of Work: