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Generally speaking, there are two types of access to a site. The first is “full” access, for oncoming traffic from both directions. Depending on a roadway’s existing configuration, this may require
installment of acceleration/deceleration lanes, blisters, or traffic signals.
The second (and less favorable) option is “right in, right out” access, which limits vehicle access to right turns from a single lane of traffic. Because right in, right out limits site’s access to a single direction, depending on ADTC of affected lane, this may limit interest of certain buyers.
If a site has potential for broader access options, property owner may want to consider requesting a modification from applicable municipality. Performing this legwork before placing site on market will significantly increase potential for realizing full asking price.
Utility Availability
Although still common practice in many areas, properties that employ well and septic systems are regarded as secondary sites in comparison to those with modern utility infrastructure.
The cost of bringing utilities to a site may be a significant factor to some buyers. If possible, property owners should consider having electric, water, and sewage improvements brought to site before marketing property. Again, such a preparative measure can optimize conditions for realizing site’s full asking price.
Environmental Concerns
With a rapidly growing number of potential environmental issues, buyers have increasingly made environmental site assessments a contingency in their purchase agreements. This is a must in transactions involving properties prone to environmental issues, such as aging gas/convenience stores, as well as parcels adjacent to these entities.
The expense of an environmental assessment can be worth its weight in gold. A seller can be held liable for undetected environmental property defects, even after a transaction is consummated. The key to a successful transaction is full disclosure.
If it is determined your property has environmental issues, such a status does not make site broadly undesirable. The cost of clean-up can be integrated into asking price, made responsibility of buyer, or even shared between both buyer and seller. Other unrelated factors, such as location or ADTC, may outweigh negative aspects of property.
Surrounding Commerce
Surrounding commerce can play a significant role in future of any property. Even if physical structures have yet to be developed, knowing plans for nearby parcels can help determine highest and best use of your property.
If your site is located within an expansive commercial district, you’ll have little difficulty in identifying surrounding commerce to determine potential uses for your property. Conversely, if site is located in an area gradually shifting from residential to commercial use, or a tract of vacant land with minimal surrounding commerce, it will be necessary to speak with other property owners as well as county assessor to determine future development plans for adjacent properties.
Becoming familiar with unique features of your commercial property is best way to achieve a maximum ROI on your investment. A competent commercial real estate agent will have to skills and resources necessary to help property owners research these important aspects of their property.
Jim D. Ray is a parapsychologist with a diverse background in multiple subject concentrations, including business, psychology and parapsychology, criminal justice, philosophy, education, internet technology, physics, and vocal performance arts. Jim can be reached by e-mail at: jray@web-presence.net.
