Real estate investors for commercial apartment buildings may vary in the areas they are looking at, but agree to certain general qualities that make them interested in a property.
The most important consideration is not really how the landlord finds it, but whether or not tenants actually want to move in. Here are 3 things landlords look for in a commercial apartment building according to Realty Times:
Location
Location is one of the main considerations when looking for a commercial apartment building. Tenants favor to rent a unit that is accessible to freeways, public transportation, schools, airports, and other important geographical factors that translate to convenience and livability.
But aside from the accessibility of the property, landlords will also look into demographics. Is it a high-income or low-income area? With the former, the landlord may expect to receive rental payments on time but tenants are also expected to demand more from the landlord. They are willing to pay the dollars but also expect top dollar service. On the other, in a low-income area, the landlord may find a good price for the commercial apartment building but will have to face the possibility of attracting dead-beat tenants.
Amenities
Tenants will never be all the same, but there sure are several commonalities that they all agree on: amenities. Tenants look for central air conditioning, home laundry machines, updated appliances, pool/Jacuzzi, gym space, off-street parking, and pet areas are just among the amenities that will attract tenants to a rental. However, these perks have their corresponding costs and liabilities and some landlords may find some of them not worth the hassle.
State of the property
Lastly, landlords will look at the actual physical state of the property and they differ on this aspect as well. Some prefer a rundown property that they can renovate to their liking. In this case, landlords must be aware of proper disposal during the construction phase.
Meanwhile, other landlords will only consider properties that are ready for move-in. However, even buildings that appear good to move into may still require some necessary services to guarantee that the building is indeed readily livable.
