Help on Marketing Mixed Use Properties in Urban Setting

Tom, are you a CCIM (Certified Commercial Real Estate Manager) or know someone that is?  If so,  you can post all your commercial listings on CCIMnet.com and the system will automatically email the listing to all CCIM Brokers in the Soviet Union, United States and Mexico.  

Also, since most commercial real estate brokers are not members of the MLS make sure and send them nice brochures so they can all be aware of your listing.

It sounds like you might be a little high in price for an investor but you attract a user that might be interested in the property.  Good luck to you.

Wow - I get to be your first comment!!  I had to read your post when I saw New Haven (my dad was born there) and I saw you're in Madison (my Aunt lives there) and I'm in Michigan.  As for your post - are you anywhere near the University?  Hospital?  Those are good target markets.  I have nothing profound to say - just wanted to say "HI" to a Shoreline person.

Ed - you were not Tom's first....I was!  LOL

Also - the Real Estate CyberSpace Society offers broadcast tools to many different groups - investors, etc. Annual cost about $150.  Click here for more information.

 Congratulation Tom.  The Real Estate Cyberspace Society recently held their online convention I don't know if you had the opportunity to attend.  Anyway with a subscription you can get limited access to Loopnet, also their list services; I get information on commercial properties from all over the country.  Jack Peckham who runs the society is a CCIM based in Boston and I am sure he would be delighted to give you some tips.

Don't count out the Obvious " Craig's List ". I have had a great deal of success with mixed use properties on Criag's list. Small project Investors shop to.

Sounds like a unique layout  - check out the example below of an interactive floorplanonline.  It may be a good fit to highlight the space alocation.

www.seetheproperty.com/5335

 

Down here there Mixed Use craze is getting bigger and bigger.  On a big project I would say this:

• First of all, there are lots of people marketing to the shop owners/lessees to live where they work. Some of the townhomes are actually zoned differently to allow office/retail space in the bottom level with a separate entry and form of egress to the top 2 floors for living quarters.  The big zoning differences are signage and employees!
• Second, the big thing from my perspective is FINANCING.  Not all lenders will touch it.  Find a mortgage BROKER - not BANK/LENDER - because a broker can bring multiple lenders to the table.  Get the project approved by all their lenders that will touch it and then have that Broker be one of the greeters.  It helps my realtor partners that I am a licensed real estate broker because then I can actually SHOW property and sit on site to answer questions.  I do not buy/sell real estate but I make a darned good assistant!
• Third, go to some of the communities condos/apartments and market to those people to move to you because you're that much closer to the fun.  It is an urban style life and if they can't walk to restaurants and shops - they can if they live in your project!
• Fourth... sponsor an after hours mixer or three for the chamber of commerce where your project will be.  You'll get good exposure to the local business community. Poach in a few surrounding chambers. 

On the smaller property like you have listed... I would first approach the tenant with the landlords permission.  See if they could buy.  Then I would get a mortgage broker involved to make sure that there are lenders that will touch this.  I can think of one in particular that would probably ok it but because it is unique and currently a mix of owner occ and investor, it could trouble some lenders.  If the retail measures 51% of the total space, then you can buy it as owner occupied if there is a small business looking for space.  The SBA will look at it but there are more lenders with fewer headaches to consider first.

I would probably just circle the neighborhood looking for businesses that are of similar or slightly smaller square footage and compatible usage... then just knock on their doors.

Try professionals first... think about the space and what can be done to it with the least amount of work.  CPA? Real Estate Company? Insurance?... market directly to them.

Hi-

Don't forget the small business organizations (particularly the women's groups) and any and all funding assistance for these groups. 

here's the link to my follow up post http://activerain.com/blogsview/50408/Marketing-the-Mixed-Use

 

Tom, I hope it appraises out for you, good luck.