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Light Commercial Development - Seeking Advice

Rich Wood

Contributor
Jun 17, 2018
31
80
Salt Lake City, UT
New Contributor - Hope to collaborate with true professionals.

I am looking for ideas in developing a light commercial park (4-6 buildings) on a 3-4 acre site.

Has anyone done this before? What % of the site should be dedicated to the buildings, common grounds, and shared space.

I will seek trade professionals (plumbers, electricians, cabinet work, tile, metal works, roofers) for each of the spaces.

We have lack of these buildings in our area and the demand is high.

What size would be best for each property, I'm thinking 8,000 sq feet shop space, two overhead doors, and 2,000 sq feet office space.
 
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AgainstAllOdds

Legendary Contributor
EPIC CONTRIBUTOR
Read Fastlane!
Speedway Pass
Dec 26, 2014
2,274
14,567
31
Chicago, IL
Make sure to get at least two common docks that everyone can share.

I'm looking forward to reading your progress.
 

Rich Wood

Contributor
Jun 17, 2018
31
80
Salt Lake City, UT
A couple more updates for the team.
I've found a parcel - $950k.
Spoke to the city planner and they are supportive of the idea.
Working on the financials, and the plot layout of the property.
Will likely be fundraising soon (my capital + others). Have two banks in mind for the debt financing.
I'm working through the finer details, but hope to have the plan, capital in place by fall, and have secured the land - possibly working with the land-owner to get in on the deal.
To be continued..
 
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BrandonS85

Silver Contributor
Speedway Pass
Sep 8, 2015
143
537
37
Ohio USA
A few guys have done this in my area, they've been extremely profitable, however in his case he's renting out glorified, finished pole barns (Metal exteriors, pole frame construction, slab foundations, and so on). They've seen some absolutely awesome rent increases in the past 10 years, going from median rents of ~$700/mo to $1,500+ due to higher appeal and decreased utility expenses from the new construction as much of the town's commercial spaces are extremely old.


It's a good idea, if I had a few million to deploy i'd certainly consider it.
 
G

Guest3722A

Guest
A few guys have done this in my area, they've been extremely profitable, however in his case he's renting out glorified, finished pole barns (Metal exteriors, pole frame construction, slab foundations, and so on). They've seen some absolutely awesome rent increases in the past 10 years, going from median rents of ~$700/mo to $1,500+ due to higher appeal and decreased utility expenses from the new construction
Interesting. Thanks for mentioning this.
 

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