One option you have when considering commercial property is to buy space in a mixed-use building. While many buildings are zoned for either commercial or residential use, these buildings are zoned for both. The classic example is an apartment building with apartments on the top few floors and shops and stores on the ground floor.
Why would you consider a mixed-use building? A few reasons include:
- These buildings often have good curb appeal. This can enhance the appeal of your business to potential customers, even though you don't have to worry about the style or upkeep of the entire building.
- There is a greater potential for foot traffic. People are constantly coming and going, and some tenants may even choose to rent these apartments based on what commercial businesses they want to frequent.
- In some cases, mixed-use buildings have lower maintenance costs. Owning just a single space means that you do not have to do all of the maintenance alone, but you share those costs with others.
- These buildings increase urban vitality. They bring a new type of life to the city. If you care about transforming an area, this is one way to help accomplish that goal.
- Your business can operate in close proximity to a variety of other businesses. This can make the building something of a commercial hub and a destination, which potentially increases your exposure and the traffic your business sees.
Now, mixed-used buildings are not right for every endeavor, but they're something to consider. If you do decide to buy, be sure you know what legal steps you need to take.