Oil Change/Auto Repair Building
I've just finished building a SF home which I will make about $50.000 on, Im thinking of building a block building with 2 or 3 bays for someone to rent out for maybe an auto repair shop. Any suggestions for me. Thanks much. P.S. Most of my experience is in residential property , but I hear there is more money in commercial. Also what is the rent per Sq ft rate ?
lp, be prepared for the E.P.A. to become very involved with your new building. I ran a service department for a car dealership for 10+ yrs. and the red tape I had to go through every year was ridiculous. Also plan on your waste tanks, spill dams, soil testing, etc. How about a donut shop?
I'm doing that now, but on a much bigger scale (20 bays). And, I'll be selling the bays as condos, so I won't have to worry about the EPA problem.
If you rent it to a body shop, you might be able to avoid the contamination issue.
Rental rates in our area are $11 - $12 psf, but this market is high.
CT
CT,
A body shop won't get you away from the EPA . All those VOC's are a current hot button. And in some municipalities the zoning rules for a body shop are much more stringent than for mechanics.
BTW how is your project going? Looks like we finally got funding for my commercial condo conversion. We should compare notes sometime.
What are your thoughts on a Daycare business ?, I'm just thinking that breaking into commercial development will be a better way for me to go.
Mark,
Things are moving along. I'm still in the study period on the land, but we're making good progress. I have a preliminary site plan and budget. We are having our first meeting with a lender this coming week. We have serious expressions of interest on 4 of the bays (20%), and we haven't even bought the land to build on yet, so I feel good so far. We're probably 12-18 months out from delivery.
=CT=