10 Questions to Ask on a Commercial Property Tour

If you’re an investor in commercial property, you know that touring a property is the best way to determine its value and whether it fits your overall investment goals. But simply taking a tour isn’t enough. You need to be prepared, know exactly what to look for, and know which questions to ask.

10 Questions You Should Ask on a Commercial Property Tour

A commercial property tour is your chance to get up close and personal with a property you’re considering buying. And when considering commercial properties, it’s vital that you ask the right questions to determine if it meets your needs. So, here are ten questions you should consider asking whenever you’re on a commercial property tour.

1. Does the property have the necessary safety and security measures?

Safety and security are a significant priority for any commercial property, which is why it should be one of the first questions you ask. Before you make any commitments, make sure you ask about any measures the property has in place to protect it from intruders, fire safety, natural disaster safety, and more. You may also want to ask if the property has any green initiatives or is actively trying to reduce its carbon footprint.

2. Is the property filled to maximum capacity?

Make sure to ask about how much of the property is available and how much is in use. This will give you a general idea of how much potential the property has for you as an investor. It’ll also give you a good idea of what you’re working with right off the bat.

3. Who are the current tenants? How are they?

When investing in a commercial property, knowing the type of people or businesses currently inhabiting it is essential. So, don’t hesitate to ask about their experience with tenants and any issues they’ve encountered. This type of question should open the floor for further discussion.

4. What taxes and other fees are associated with this property?

Taxes and fees vary from region to region and state to state, so be sure to ask about any fees and taxes associated with the property. This will save you from unexpected costs or fees down the line.

5. Can I see the building’s blueprint or layout?

Knowing the property’s internal layout will give you a better idea of its potential. Therefore, asking to take a look at the building’s layout or blueprint is an essential part of getting to know the property and should be provided to you without any issues.

6. Are there any lease restrictions?

It’s also vital to ask about any lease restrictions that might be in place. Specific restrictions could be a red flag or signal that the property might not be the right fit. Use the time during your tour to gather as much information as possible.

7. What are the expectations for the upkeep and maintenance of the property?

Find out who is responsible for the upkeep and maintenance of the property. If that’s you, find out what that entails. Every property is different, so it’s essential to know what you’re getting into right away. Make sure to ask the current tenants or owner about any expectations in place for upkeep and any additional fees that might be associated with it.

8. Can I make changes to the property?

If you plan on buying a commercial property, make sure to ask if you can make any changes to the property’s structure. It’s best to be on the same page with the tenants regarding potential modifications. And if there are restrictions, that would be good to know.

9. What’s the current marketing being used for advertising the property?

Before investing in a commercial property, you should try to learn the current marketing used to advertise the property. This will give you a clearer idea of what you’ll have to do to attract potential tenants or buyers.

10. What kind of return can I expect from the property?

Last but not least, be sure to ask the owner or tenants what kind of return you can expect from the property. This is an essential part of investing in commercial properties, and if there’s little chance of returning a profit, it might not be worth your time and energy.

Looking for Commercial Properties in Northeast Florida?

If you’re on the hunt for commercial properties in Northeast Florida, then you’re in the right place.At the Welch Team, we specialize in providing top-notch real estate services tailored to commercial property investors. While your here, check out our latest listing!