Buying Commercial Property in Las Vegas

1
Things to Think About When Buying Commercial
Property in Las Vegas
2
Table of Contents

• Using a professional
• Location
• Deeds
• Size
• Financing
• Coronavirus
• Local Attorney Contact Details

3
Using a professional

• While you can find properties for sale on
  commercial selling sites, if you are new to the
  area or new to buying property, it might be a
  good idea to talk to a professional commercial
  real estate attorney.
• There is a lot of paperwork and red tape to deal
  with when you buy a property and attorneys have
  all the experience to be able to help you
  navigate this without too much stress.

4

• A realtor can help filter out properties that
  would not be useful for you. This means you dont
  have to spend hours searching through reams of
  listings to find something that is suitable. It
  also reduces the chances of falling in love with
  a property, only to have something simple but
  unseen derail you at the last moment.

5

• Realtors are also professional negotiators and
  should be able to get you the best price for the
  property you are looking for, and should be able
  to get you a better price than you could get for
  yourself. They should also be able to furnish
  you with the most up-to-date information
  available in the industry at the time.

6
Location

• Location is always high on the list of things to
  consider when buying any kind of property, and
  buying in Las Vegas is no different. If the plan
  is to rent out the space youre buying, it would
  be a good idea to focus on the municipality of
  Las Vegas, and in areas where commercial
  properties are located together, as this will
  increase your ability to charge more in rent.

7
Deeds

• If you find a property you like, take a look at
  the deeds and the ownership history. There should
  be a simple list of buying and selling without
  any gaps, if there are gaps, you might have to do
  other legal paperwork, which can cost you money.
  If there are outstanding taxes on the property,
  this can also cause you headaches down the line.

8
Size

• Another thing to consider would be size. What is
  it you are envisioning in the space? Will you be
  able to create your vision in the space youre
  looking to buy? If you are buying the space for
  your own business, is it going to be too big, and
  therefore too expensive to run, or could be too
  small and make the day-to-day business too
  cramped?

9
Financing

• How are you planning to finance your new
  commercial property? Are you getting a loan or
  are you paying in cash? Another option would be
  to form a partnership with investors this would
  give you more buying power and the chance at a
  more profitable property.

10
Coronavirus

• While Las Vegas was set to have a successful
  period at the beginning of the year, the
  emergence of Covid-19 has meant that the city has
  the highest number of jobs in at-risk sectors in
  the country, with a unemployment rate of 33 per
  cent rather than the national 14, 7 per cent.
  This means that there has been a spike in the
  number of businesses filing for bankruptcy in the
  last few months. This could mean there will be
  some real estate bargains to be picked up at
  auction in the coming months, but be aware that
  most landlords have been receiving between 40 and
  70 per cent of their rents.

11

• Experts expect stores to adapt to how they
  function and use retail space they own, so you
  might need to be more flexible in your ideas for
  commercial property, but it looks like Las Vegas
  retail outlook is good, and looking to recover
  well. There is also the consideration of what
  office spaces will look like following the
  lockdown. There will be a definite shift towards
  remote working and hot desking, and you should
  think about whether that impacts your choice of
  commercial property?

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• There may also be some value in delaying any
  purchase of commercial property until after some
  of the dust has settled over the Coronavirus
  pandemic to see what prices are going to do. With
  bankruptcies and unemployment rates rising,
  commercial property prices could be set to
  reduce. Hang fire for a couple more months and
  you might get yourself a much better deal.

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Local Attorney Contact Details

• GARY E. SCHNITZER
• Address 8985 S Eastern Avenue Suite 200,
• Las Vegas, NV 89123 
• Phone [phone]
• Website - https//ksjattorneys.com/team/gary-e-sch
  nitzer/