What to Do With a Double Lot? Ideas & Advice Needed

[xindexer]

I have been given a double lot - measuring about 120 feet by 145 ft. It's not huge, but I know it has some potential use other than just sitting there empty.

The property is located right next to a shopping mall and it abuts a popular restaurant. It's zoned for multi-use.

I have had a few ideas of what to use it for, and I'm willing to invest in a building on the property - but I don't know how to best use this bit of land.

Since this forum is full of people with more experience than me, I would love to get some ideas, advice or input. Thanks in advance!

 

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[DreamPursuit]

Why don't you take up a poll from people in the area(people shopping at the mall, businesses, etc) about what business the area NEEDS? This would give you a lot better information than probably any of us could give you on the forum. Then you could take the next steps of deciding which business would be your best bet. Then get started on the paperwork,get up with a developer and construction company, and get that puppy started! PS: Welcome to the forum!

 

[Realist State]

Is this lot maybe suitable for a self-service car wash?

 

[Rickson9]

Is it possible to ask the city what they would like to see in that area?

 

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[hatterasguy]

Real estate is very local, their is no way for us to know the highest and best use of your property without being very, very, familiar with your city.

I'd recommend taking on a very experienced partner for your first real estate deal. I have seen to many people make mistakes their first time at bat and in this game a mistake can be very, very costly.

 

[PatrickP]

Personally since you have no experience in building, construction etc I would seriously consider selling it or leasing it.

Perfect situation is you lease it to CVS or something similar and you get the income with no work, talk about passive income.

Is there a store right next to it such as Walgreens then you approach CVS to lease it to them or sell it to them.

Or sell it and put that money towards a fast lane business.

 

[JWatchdog]

Yeah what PatrickP said "

Perfect situation is you lease it to CVS or something similar and you get the income with no work, talk about passive income.

Is there a store right next to it such as Walgreens then you approach CVS to lease it to them or sell it to them.

Or sell it and put that money towards a fast lane business.

Now here is an outta the box thinking...."approach some local dealerships that need more exposure for there cars-- and maybe put up a local ad marketing your lot to the public or car dealerships or flippers (for a fee of course..$100 to $200 per car for one month or 2 weeks..whatever you feel makes sense and money). sell the people on the traffic exposure and the sales potential for there vehicles.but yeah thats basically it..lease the lot for cars... maybe put some pics up so some of us could see and maybe give you some better pointers.

 

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[JWatchdog]

I also like what DreamPursuit stated

Why don't you take up a poll from people in the area(people shopping at the mall, businesses, etc) about what business the area NEEDS? This would give you a lot better information than probably any of us could give you on the forum. Then you could take the next steps of deciding which business would be your best bet. Then get started on the paperwork,get up with a developer and construction company, and get that puppy started! PS: Welcome to the forum!

This is awesome, what better way then the market letting you now what business the area needs....Here is one more suggestion...Maybe approach a very popular and established detail shop. or build your own. You cant tell me that all that traffic not one person is wanting there car detailed.

 

[socaldude]

Use your observation to find a NEED.

Is the mall packed all the time with no parking spots? In that case then build a parking lot and charge a fee.

Maybe a storage facility?

Maybe an RV parking lot?

Real estate development project?

But make sure it fits a need. Use your observation and find a problem you see in the area and turn it into something.

 

[JMose]

Car Wash

Is this lot maybe suitable for a self-service car wash?

Since the idea of a car wash was brought up, if you're within driving distance of Lancaster County, PA, this free car wash expo might be something to check out if you're looking to see if the car wash business might be right for you. It's geared toward the car wash industry and they're planning to have over 75 manufacturers at the expo. It could be a great place to network and learn more.

It's scheduled for Wed, Nov 14th from 9am-3pm in Columbia, PA. More info about it here.

Like I said, it's free. For disclosure's sake, they're a client.

 

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[BrucetonGuy]

The property is located right next to a shopping mall and it abuts a popular restaurant. It's zoned for multi-use.

One thing that I would check out is maybe do a little market research in the city and see what type of retail/commercial shop they would like to have. You could stand outside of the mall with a quick survey in hand listing 4-5 shops that currently aren't in the mall and see what the market need is. Once you know what the citizens would like to have, you can approach the company and show them the demand. Then lease or sell.

 

[rocksolid]

How about starting a flea market? You can sell spots to vendors 5 or 7 days a week.

 

[jaywolf]

My first gut instinct was "parking lot" as that is very low-maintenance income, no building needed. However, I agree with socaldude in that you should figure out what need there is for a business there and use that angle. What I would do is see how much you could charge for leasing the space, and find a business that will have a constant flow of customers that way you'll end up with a long-term tenant.

 

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