A client was searching for a commercial building to acquire which served a high traffic area. They told us about an available two-story building in a corner location on a downtown street. It had a restaurant at street level and office space above. Their research showed that leasing rates in the area were promising. We coach our clients to explore every possibility. When we pointed out that this parcel was zoned for up to six stories, the client was able to secure an estimate for major construction costs to add two more stories and compare against leasing rates. When the answer was favorable, our client was negotiating about “the corner office being tougher to fill” while knowing they were working toward a lower price for what would eventually be a four-story profit center. If the seller was a marketing client of FIRST IN, they would have been presenting the added potential of their property from the moment they listed it!
