If you own commercial property, now is the time to consider selling it for cash. Your commercial property in Long Island or a nearby area can be sold for a significant amount of cash in surprisingly little time.
The process to sell commercial property for cash is easier and more straightforward than most assume:
- Submit the property’s description and pictures for review
- Schedule an appointment for our team to see the property in-person and quantity its value on the open market
- Review the cash offer
- Accept the cash offer, sign the contract and schedule the closing date
- Attend the closing to formally complete the sale of your commercial property for cash
- Cash the check for a financial infusion directly into your bank account
Here’s a quick look at how commercial properties are valued, how long it takes to sell and whether this is the optimal time to accept a cash offer.
How Much is My Commercial Property Worth?
The value of commercial property is determined by the dynamics of the local market, the property size, location and features. The value of commercial property is dynamic as opposed to static, meaning it is constantly in flux based on supply and demand as well as other factors. The value of your specific commercial property will ultimately be determined by the amount of money it is capable of generating for the new owner. The gross potential income along with its vacancy factor play a large part in shaping the property’s value on the open market.
It is also possible to determine the value of a commercial real estate property through the Cost Approach in which the value of the land where the building sits is calculated. The costs necessary to construct the build a replica of that building are added to the value of the land. Depreciated value is also considered to determine the property’s actual value.
Alternatively, a Market Value Approach can also be applied in which the property is compared to other properties of the same size that provide similar uses. Market research sets a value range that is subsequently altered in accordance with the unique qualities of the property in question.
Those unique factors include:
- The property’s condition
- Property age
- Date of the potential sale (market dynamics)
- Total square footage
The market value represents the amount of money a party is willing to pay in a fair, open and competitive market at a specific point in time.
The value of a commercial property is also partially shaped by sales comparisons. Comparisons made between similar commercial properties in the area make it that much easier to determine the value of a property hitting the market.
Such analysis is performed with a comparison of the following:
- Square footage
- Year of construction
- Type of construction
How Long its Take to Sell my Commercial Property?
Commercial property sells faster than most assume. If you have decided to sell your commercial property or are thinking about selling it, our team will make a cash offer. Reach out to us at your convenience to schedule a property analysis and you will be provided with a cash offer within a couple business days or less. We typically provide cash offers within 72 business hours or less. Once the offer is accepted, the closing will be scheduled within the ensuing days. Our team does everything possible to make the process of selling commercial property as efficient and easy as possible.
Is It a Good Time to Sell Commercial Property?
Indeed, now is a good time to sell your commercial property. The value of commercial property continues to increase in unison with that of residential property. However, the specific location of your commercial property along with its age, condition and necessary repairs also shape its value. Even the values of nearby commercial properties and the appraisal value will play a part in determining the amount of your cash offer.
Seize the opportunity to sell while the market is hot and you’ll pocket a considerable amount of cash. You might even time the market just right, setting the stage for a potential re-entry when prices dip back down in the future.
Why Handsome Homebuyer?
Our commercial property specialists take pride in making it easy to sell commercial spaces for top dollar. If you are even slightly considering selling your commercial property, you owe it to yourself to meet with our buying team. Handsome Homebuyer pays top dollar for commercial properties regardless of their condition and specific location. It is even possible to sell your commercial property in less than a week.
In some situations, commercial property sales close in five days, meaning there might not be enough time to remove undesired items and other sundries from the property. In such instances, our team disposes of those items at our own expense, helping you seamlessly transition to the next chapter of your business venture. Connect with our buyers today to get a cash offer for your commercial property.