Market Conditions in Clifton>Question Details

Chewy, Home Buyer in Clifton, NJ

WHO MUCH SHOULD I PAY FOR MIXED USE COMMERICAL PROPERTY 900 SQ FT IN 07011 ZIP?

Asked by Chewy, Clifton, NJ Mon Sep 7, 2009

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Your have your work cut out for you. Mixed use will reqire a careful study of the ROI. Do you intent ot use one of the units? will you live there? Parking? Insurance can be a problem with mixed use as well, depending on the use. For example, a pizza oven under residential is a problem.

I suggest you get in independent Appraisal.(not a BPO, Broker's Price Opinion) It will be worth it.
0 votes Thank Flag Link Sun Nov 11, 2012
Many factors have to by taken into consideration. The price of a gas station on Route 46 would be different from the price of the same size gas station on Paulison Avenue. Here it is the question on income derived from the potential volume. Another consideration would be what you mean by "mixed use"?. A commercial property containing a deli and clothing store on Clifton avenue would be different from a combination Pizza Palor and apartment building accross the street.
I'd be happy to speak with you to discuss..
Charlene Nagel
Weichert Realtors
charlene.nagel@weichertrealtors.net
0 votes Thank Flag Link Tue Sep 8, 2009
The valuation methods for commercial and residential properties differ. In the latter case, one uses a CMA to determine that value. In the prior case, one uses the income to determine that value. You need to get the rental comps and vacancy rate for the area, and some other market data to get a better idea of what to charge for rent. Also, keep in mind that commercial rents are usually given in terms of price/sf/year and the amount of rentable space.
0 votes Thank Flag Link Mon Sep 7, 2009
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