Author Topic: Considering Building a Strip Mall on my Land  (Read 4670 times)

pinkdress88

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Considering Building a Strip Mall on my Land
« on: April 04, 2017, 08:36:08 PM »
Hi! My brother and I inherited 1.5 acres in an area that is near Tinker Air Force Base in Midwest City, Oklahoma. We have been holding on to the property. A 14 Room Movie Theatre, Academy, Shopping Center, Restaurants, etc is currently in the planning stages to be built right across the street. I am considering building a strip mall on my land or something else to generate income. Looking for guidance on strip malls and commercial financing. Thank you! :-)
« Last Edit: April 04, 2017, 08:38:18 PM by pinkdress88 »

Heroes821

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Re: Considering Building a Strip Mall on my Land
« Reply #1 on: April 05, 2017, 07:07:22 AM »
While I don't have the specific information you need, I know that area has been booming for awhile.  Regardless of what you look into I would check out parking lot requirements for certain sized buildings, 1.5 acres sounds great until you build a multi space strip mall that requires 40+ parking spaces that take up half your lot.

I would say that posting this in the real estate section might be a better place.

pinkdress88

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Re: Considering Building a Strip Mall on my Land
« Reply #2 on: April 05, 2017, 08:03:55 AM »
Thank you for the response! I will check out the real estate post. (Sorry..new to the site) :-)

Heroes821

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Re: Considering Building a Strip Mall on my Land
« Reply #3 on: April 05, 2017, 08:19:39 AM »
No worries, I just know some people don't look at all the sections.

I wish I had an answer for you myself.

Fishindude

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Re: Considering Building a Strip Mall on my Land
« Reply #4 on: April 05, 2017, 08:25:40 AM »
A strip mall in the right location can be a real sweet investment.  To get started, I'd probably hook up with a good design build contractor and pay them to do some conceptual layouts, cost budgeting and code review.   I've built a few, one owned by a friend.   That thing has been putting money in his pocket for about 25 years now.

Typically the landlord provides the "vanilla box" which is just a big open space with; ceiling with lights, basic heat & AC, a mechanical room and restroom in the back.   The tenant then does all of the build out work, flooring, interior finishes, merchandising displays, counters, signs, etc.  Separate utility services for each unit, and those are paid by tenant.   Landlord takes care of building exterior, parking lot, landscaping, snow removal, roof, etc.

Proud Foot

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Re: Considering Building a Strip Mall on my Land
« Reply #5 on: April 05, 2017, 08:44:26 AM »
Do you know what the property is zoned as?  I would try to talk with a contractor and get some basic information for construction.  Then before building anything I would try to find potential tenants.  What kind of tenants do you want to lease to and what would their building needs be? I think that would be important to have a few tenants lined up before even beginning construction. Also how does the development being planned across the street effect your potential tenants?

seattlecyclone

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Re: Considering Building a Strip Mall on my Land
« Reply #6 on: April 05, 2017, 02:23:52 PM »
Please consider doing your part to add to the walkability of the area. Make sure there's a sidewalk in front, and put the storefronts right up next to it. Parking should go in the back. It seems like such a small thing, but it makes such a huge difference in how a place feels.

Fishindude

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Re: Considering Building a Strip Mall on my Land
« Reply #7 on: April 05, 2017, 02:27:24 PM »
Please consider doing your part to add to the walkability of the area. Make sure there's a sidewalk in front, and put the storefronts right up next to it. Parking should go in the back. It seems like such a small thing, but it makes such a huge difference in how a place feels.

Local zoning and codes will dictate what you have to install regarding sidewalks, curbs, landscaping, etc.  Parking on strip malls is always right in front, so that the customers can park close and walk right into the stores.  This is an investment to make money, not an attempt to enhance the livability of the community.

seattlecyclone

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Re: Considering Building a Strip Mall on my Land
« Reply #8 on: April 05, 2017, 03:22:45 PM »
You can put in a door in the back for customers to use coming in from the parking lot. Plenty of buildings do just that. If it's possible to make just as much money and make the community more livable at the same time, shouldn't you do it?

ChpBstrd

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Re: Considering Building a Strip Mall on my Land
« Reply #9 on: April 07, 2017, 11:50:29 AM »
Think long-term and ask yourself exactly what the tenants will be selling that can't be sold cheaper by Amazon.com. Note how many malls are full of vacancies and how many physical retailers are going bankrupt. There won't be enough restaurants or offices to fill the empty real estate, because strip malls are everywhere.

Retail storefronts are the last thing I'd invest in right now. I'd sell your "prime commercial real estate" to someone who hasn't yet seen the memo that retail real estate is about to be dead.

Heroes821

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Re: Considering Building a Strip Mall on my Land
« Reply #10 on: April 07, 2017, 11:52:54 AM »
Think long-term and ask yourself exactly what the tenants will be selling that can't be sold cheaper by Amazon.com. Note how many malls are full of vacancies and how many physical retailers are going bankrupt. There won't be enough restaurants or offices to fill the empty real estate, because strip malls are everywhere.

Retail storefronts are the last thing I'd invest in right now. I'd sell your "prime commercial real estate" to someone who hasn't yet seen the memo that retail real estate is about to be dead.

But amazon is now building brick and mortar stores that track you by scanning your phone app when you walk in and charging you as you loot items from the shelves.

ChpBstrd

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Re: Considering Building a Strip Mall on my Land
« Reply #11 on: April 07, 2017, 12:27:21 PM »
Think long-term and ask yourself exactly what the tenants will be selling that can't be sold cheaper by Amazon.com. Note how many malls are full of vacancies and how many physical retailers are going bankrupt. There won't be enough restaurants or offices to fill the empty real estate, because strip malls are everywhere.

Retail storefronts are the last thing I'd invest in right now. I'd sell your "prime commercial real estate" to someone who hasn't yet seen the memo that retail real estate is about to be dead.

But amazon is now building brick and mortar stores that track you by scanning your phone app when you walk in and charging you as you loot items from the shelves.

They're also building drones to deliver packages to your door - a step in the opposite direction.

I would not build a strip mall with a plan to rent it to Amazon.

Proud Foot

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Re: Considering Building a Strip Mall on my Land
« Reply #12 on: April 07, 2017, 03:27:05 PM »
With it being close to an airforce base have you considered building apartments/townhouses on the lot?