Special purpose properties play a large role in our everyday life. A special purpose property typically is appropriate for one use or limited use. It may have a unique physical design, special construction materials, or a layout. It is a building that cannot be converted to another use without a large capital investment although there is a growing trend to transform some special purpose properties into new types of businesses such as turning a gas station into a burger joint or a church into condominiums but generally speaking a special purpose property can only be used for certain things.
North Andover commercial property
Types of special purpose property
Examples of a special purpose commercial property are a church, theater, school, self-storage, car washes, gas station, theme parks, bowling alleys, marinas, campgrounds, theaters, funeral homes, community centers, nursing homes or public utility.
Special Purpose Property Availability
Inventory of special purpose property changes frequently. We represent clients looking to lease and or purchase industrial real estate property. Fill out our inquiry form to the right and we will provide you with the current inventory of industrial space in the area you are looking for.
We also consider the following as a limited or special purpose property: amusement parks, bowling alleys, car wash properties, cemeteries, clubhouses, cold storage facilities (where more than 50% of total square footage is equipped for refrigeration), dormitories, farms (including dairy facilities), funeral homes with crematoriums, gas stations, golf courses, hospitals, surgery centers, urgent care centers, other health or medical facilities, hotels and motels, marinas, mines, museums, nursing homes, including assisted living facilities, oil wells, quarries, including gravel pits, railroads, sanitary landfills, service centers (e.g., oil and lube, brake or transmission centers) with pits and in ground lifts, sports arenas, swimming pools, tennis clubs, theaters and wineries.
Commercial Leases
There are three basic types of industrial space commercial real estate leases. These leases are organized around two rent calculation methods: “net” and gross.” The gross lease typically means a tenant pays one lump sum for rent, from which the landlord pays his expenses. The net lease has a smaller base rent, with other expenses paid for by the tenant. The modified gross lease is a happy marriage between the two. While terms vary widely building by building, this basic overview will help businesses shop for the best deal possible.
Always work with an experienced commercial real estate broker when negotiating a commercial lease.
