You're interested in buying a commercial real estate property that will repay you tenfold. You've looked into multiple options and think that a strip mall might be the right choice for you.
Is it the right decision, or should you keep looking? Here are some interesting things to consider before you decide to purchase the community of shops.
What should you do to make sure a strip mall is a good investment?
The first thing to do is to make sure you know the area. You don't want to create a strip mall where it's hard for consumers to get to it. You want to find an area where there are many neighborhoods and businesses, families and even colleges. Choose a populated area that could benefit from having well-known and boutique businesses nearby. On the whole, it's a good idea to find a market with at least 50,000 people to support the businesses who invest in the property.
Another thing to do is to look into hiring an expert for advice on how to make your strip mall profitable. With many businesses vying for the opportunity to be in a new strip mall, you'll want to choose carefully who you seek out as tenants. Many strip malls do well if there is a grocery store or supermarket anchoring them, because people have to come there to buy groceries. By going to a strip mall to run errands all at once, a person can get more done. Additionally, they're more likely to stop into a greater number of stores and spend more money.