Restaurants are a staple in most cultures and countries. Across the world, family, friends, and co-workers sit down and enjoy meals together in these businesses. Although it can be difficult to stay open at times, as long as you have great food and a great location, you will likely see success. If you want to be a restaurant owner, you probably already have the amazing recipes down. But, what about the fantastic location? If you don’t know what to look for in a restaurant space, don’t worry. In this blog post, we are going to cover five qualities to consider when purchasing restaurant space, so you can serve food in a fantastic building.
What to Consider When Purchasing Restaurant Space
The building you purchase will have a large impact on how your guests feel. If the place is dark, dingy, and characterless, they may not feel compelled to visit your restaurant again. And, as you likely know, repeat customers are what makes a business thrive. So, when purchasing a restaurant space, you will want to be very considerate of your selection. Take a look at the factors below before signing off on a property, so you are more likely to succeed with your restaurant.
1. The Size of the Space
An incredibly important factor is the size of the building you are considering to purchase. The size of a building will determine how many people you can serve at once and how many staff members it can hold. If the space is too small, people may not come if they want to avoid a long wait. On the other hand, if a space is too big, it may be wasted square footage. However, if you find the perfect building and the finances work, you can always turn extra square footage into a party room that people can rent out or for large groups to enjoy. But, do avoid getting too small of a space, so your guests and employees don’t feel cramped.
2. The Feel of the Building
One of the most important aspects to consider is the architecture of a building. Some restaurants were built with a specific cuisine in mind, so the architecture suits a certain style. For example, you have likely seen Mexican restaurants that have a classic Mexican architecture look. Purchasing restaurant space that matches the architecture of your cuisine is a great idea. When it does match, it will give customers a better experience when they dine with you.
To choose a building with the right feel, consider the types of dishes you will be serving. Will it be Italian food? If so, choose a modern building with lots of greenery to suit your menu. Once the space is yours, you can hang Italian art or even have an Italy-inspired mural painted. On the other hand, if you are going to be serving American dishes, consider a classic building with bright colors and a simple design. Then, you can decorate it with pictures from the 80s to give it a classic American diner feel.
3. The Location of the Restaurant Space
Something else to consider when purchasing restaurant space is the location of the building. For one, an easy to access building is very important. When your customers can’t find the building, or they don’t see it regularly, they will lose the incentive to stop by for a meal. If your customers have to drive far away to visit your restaurant, you may see less foot traffic. So, pick a place that is close to your target market and that is easy to find.
Yet another factor when it comes to location is the density of restaurants in the area. If there is a missing cuisine that you can fulfill, then it is a great spot. However, if there are already three other successful restaurants with the same cuisine, it may not be a smart decision to try to compete with them. The perfect location will be an area with other restaurants, but missing your cuisine style. Or, it will be an area near residential areas or shopping, with minimal restaurant options.
4. The Monthly Cost of the Building
One of the primary reasons restaurants fail is because their finances just don’t work. It can be incredibly difficult to predict which dishes will do best, how to price them, and how to make enough profit to afford the monthly payments. So, it is best to keep the monthly cost of a building as low as possible. Some ways to keep costs low is to ensure the building is in a ZIP code with a low cost per square footage. Also, if you can find a building that just needs a few cosmetic upgrades, this can be a great way to save money.
5. The Parking Options For Guests
Another factor to remember, and one that many people forget to consider, is parking options. Parking is crucial to ensure as many guests as possible can visit your restaurant. How many times have you decided to go somewhere else because there was no parking available? Chances are, you have several times. So, try to find a location with great parking options for guests. Remember, the whole parking lot doesn’t have to be standard parking options with marked spaces. A grass or gravel lot behind the restaurant will do the trick as well, or you can get this paved later on. As long as your guests can park safely, it’s a great choice!
Purchasing Restaurant Space in Salt Lake City
We hope this list helps you when purchasing restaurant space! Our team is so excited for you to start your own business and give your community amazing food. If you need help in the Salt Lake City, Utah area, feel free to contact our team. Our expert brokers can help you find the restaurant space of your dreams. We can also help you know what to look for and will keep you informed on what you need out of your space.
Purchasing industrial warehouses as investment properties is typically an excellent idea. Despite the uncertain circumstances caused by the coronavirus, industrial real estate still saw great success. Companies are always in need of warehouse space, no matter if they do in-person or online operations. With that being said, industrial warehouses are almost always occupied by a tenant, which means purchasing one is a great idea. In this blog post, we are going to explain what to look for in a warehouse to ensure it is a great investment.
What to Look For in Industrial Warehouses
When it comes to purchasing an industrial warehouse, the most important factor is location. It should be in an area where the tenant’s employees can commute to easily. This means near a larger city that has a significant population size. Also, it should be close to a major highway, so trucks can get to the loading docks with ease. This will encourage higher productivity rates as the truck drivers can pull off the road, load up the trailer, and get going again. Additionally, this can save your tenants excess costs, and can potentially get them more customers when they see their amazing productivity rates. When your tenants have success at your location, they will be more likely to stay in your space for several years.
The Size of the Industrial Warehouse
Another very important factor is the size of the industrial warehouse. Of course, you don’t want your warehouse to be too small to fit your tenant’s merchandise and employees. Or, you don’t want them to grow out of it within a year. At the same time, you don’t want your warehouse to be too large for your products and employees. This is why choosing the right size warehouse for your needs is so important.
To choose the correct size of your warehouse, you will want to take a look at which industry you would like to target. When doing this, you should consider what the booming industries are in the city or state you are purchasing a property in. Once you choose an industry, you will need to look at the average warehouse square footage needed. Your commercial real estate broker should be able to tell you this, and there are online resources to find this information. Then, look for warehouses that are around the same size, if not slightly larger. Being the option with the most space will prove to be desirable among tenants.
Consider Buying an Industrial Warehouse With an Office Area
Many of our clients choose to purchase industrial warehouses that include an office area. This is a highly valuable feature that many property owners do not think of. In almost every warehouse, there is likely a management team that handles business activities concerning finances, employee management, employee records, and more. This management team benefits from being at the same location as their employees, rather than having to drive from another location. When your property features an office area for the managers, it is much more valuable. You will save the tenant from renting out a second space, and you make it easier on the staff. Fit Small Business has an excellent layout on their website including an office space example.
Cost per Square Footage
Another important factor when purchasing industrial warehouses concerns budgeting. The cost per square footage depends on the property’s condition, as well as its location. There are many markets in which industrial warehouses are booming due to the low cost per square footage. However, there are other markets that are failing because of the price of buying and leasing industrial space. For example, in San Francisco, California, you can find industrial warehouses for sale for upwards of $320 per square foot (in mid-2020). However, in Memphis, Tennessee, you can find similar listings for under $20 per square foot. Clearly, in Memphis, you would have much more wiggle room to make a profit off of your tenant’s lease payments. In San Francisco, you would likely struggle to find a tenant who is willing to pay what it takes for you to make a significant profit.
Our office is in Salt Lake City, Utah, and we have many industrial warehouse listings. This post is being written in mid-2020, and we are seeing warehouses be sold at around $115 to $170 per square foot. However, these prices can go up and down depending on the market and seller, as do properties in other cities. But, as you can see, prices are subjective to the city and state you are in. So, be sure you take this into account before investing in industrial warehouses. You want to find a listing in a great area (which does increase the sale price), but also a listing that allows you to make a profit at a reasonable rate.
Purchasing Industrial Warehouses as Investments
At the end of the day, purchasing an industrial warehouse is typically an excellent investment. However, when you keep the factors above in mind during your search, you are much more likely to be happy with your investment. If you need the services of a commercial real estate broker in Salt Lake City, feel free to contact us. Our team would love to assist you and help you find a property that you can make a smart investment in.
FOR IMMEDIATE RELEASE
UDOT to auction off mixed-use properties in growing region of Salt Lake City County
Surplus land between SR 111 and Mountain View Corridor
to go on sale in final UDOT online auction of 2019
Salt Lake City, UT (October 28, 2019) – The Utah Department of Transportation (UDOT) will hold an online auction of prime, mixed-use development land in Salt Lake City County, Utah. The 50.7 acres of surplus property is off a major highway in a rapidly developing area of the county.
UDOT will auction the property via an online platform created and managed by SVN Auction Services. The auction, the largest so far and the last one for 2019, is scheduled to run from Oct. 31 through Nov. 7.
The acreage on SR 111 is the largest of 16 properties up for auction during that period, and has a starting bid of $4.5 million. The starting bids for all 16 properties total more than $9.3 million.
“The SR 111 property is highly versatile: The zoning permits both residential and commercial use,” said Louis B. Fisher, III, national director of SVN Auction Services. “It’s situated between two busy roadways, and the average income of the surrounding neighborhood is higher than the state average.”
The property is split into two parcels. One contains about 38 acres that sits along SR 111. The smaller, about 12 acres, will connect to SR 111 from a bridge scheduled for construction. The busy Mountain View Corridor lies to the east of the property.
“This whole area will be getting some major improvements in transportation and infrastructure in the near future,” Fisher said. “This is highly desirable property and an excellent opportunity, whether the buyer wants to develop it for retail, commercial or residential.”
The other properties up for auction are in the Utah cities of Riverton, West Valley City, Clinton, Roy, West Haven and Syracuse.
The auction website at www.UDOTauctions.Utah.gov provides continuous access to UDOT property information. Qualified buyers can bid from the website in real time. The auctions comply with the state’s recently established process for the sale of surplus property.
UDOT’s online auction in March included 89 approved bidders from four states. Entities working with UDOT on this project include the SVN Auction Services team of Fisher and Dave Gilmore, and Chet Barber and Tia Shim of SVN Alta Commercial in Salt Lake City.
Darek Sagers, UDOT’s deputy director of rights-of-way, said UDOT has been pleased with the online auction process so far. “We’ve been very glad to see things go so smoothly,” Sagers said. “The buyers are receptive to the convenience of the platform. It’s been a win for both sides as we continue to market this surplus property.”
More information on the auction is available at www.udotauctions.utah.gov/auctions.
Louis B. Fisher, III, CAI, National Director, SVN Auction Services / 954-931-0592 / fisherL@svn.com
Ken Zeszutko, Z Corp. PR / 321-213-1818 / firstname.lastname@example.org
FOR IMMEDIATE RELEASE
UDOT surplus properties auction set for June 5-12
Following the successful inaugural auction using its new online platform, UDOT will conduct next auction of 15 surplus properties June 5- 12
Salt Lake City, UT (May 15, 2019) – The Utah Department of Transportation (UDOT) is conducting an online auction of 15 surplus properties June 5 -12. For more information on the properties, visit www.UDOTauctions.Utah.gov.
UDOT launched and successfully auctioned off its first series of surplus properties using its new, innovative online auction platform in March. With nearly 90 approved bidders from four states, the online auction was an overwhelming success.
“We are extremely pleased with the results of our first online auction event and very encouraged with the buyer market receptivity to our newly created platform and program designed for UDOT,” said Rod McDaniels, UDOT’s deputy director of right-of-way. “It allows us to sell surplus parcels with wide market exposure and more efficiencies at scale.”
The upcoming online auction June 5-12 includes commercial lots, residential development and land. Register to bid at https://udotauctions.bidwrangler.com/accounts/sign_in
The UDOT auction website provides round-the-clock access to UDOT property slated for auction and allows qualified buyers an opportunity to bid in real time. The auctions comply with state law and accompanying administrative rule R907-80.
“This new platform is very user-friendly for the bidders,” said Louis B. Fisher, III, national director of SVN Auction Services, which worked closely with UDOT in launching the auction platform. “UDOT established a framework and we worked in concert with them within that framework. It’s been a tremendous relationship. Based on the response to the first auction, it’s the right solution–the right platform.”
Louis B. Fisher, III, CAI, National Director, SVN Auction Services, 954-931-0592 / fisherL@svn.com
Ken Zeszutko, Z Corp. PR / 321-213-1818 / email@example.com
FOR IMMEDIATE RELEASE
SVN Auction Services awarded contract to support UDOT to meet mandate to sell surplus real property
SVN Auction Services builds electronic online auction platform to enable the Utah Department of Transportation to accelerate and close sales of surplus real property as mandated by Utah state legislature
Salt Lake City, UT (February 20, 2019) – SVN Auction Services has been awarded a five-year contract with the Utah Department of Transportation (UDOT) to create and manage an electronic online auction platform and clearinghouse to streamline sales of surplus real property owned by UDOT.
The UDOT SVN-managed online auction platform accelerates surplus real property sales for UDOT. The service and website address at www.UDOTauctions.Utah.gov delivers 24/7 access to UDOT auction-related information allowing interested parties to register for opt-in email notifications. It also allows real-time mobile platform bidding for qualified buyers.
“Based on our extensive national online auction experience, we have created an online solution to maximize value for UDOT,” said Louis B. Fisher III, national director of SVN Auction Services. “This allows the department to more efficiently direct all sales-related proceeds back into the Transportation Fund to offset future transportation developments costs.”
The website is currently live. The first online auction starts advertising in February and goes live March 13-20, with nine surplus properties to be sold.
Working in full collaboration with the national SVN Auction Services team, SVN Alta Commercial, the SVN Salt Lake City office provides local brokerage activities for the auctions.
“This partnership is exactly what we need to assist us in creating a new process and platform to meet our department’s goals and initiatives,” said Rod McDaniels, UDOT’s deputy director of right of way.
The surplus land auctioning process is governed by Utah Administrative Code R907-80 (Disposition of Surplus Land), establishing the process required for UDOT to dispose of real property declared as surplus to the state’s needs.
Louis B. Fisher III CAI, National Director, SVN Auction Services, LLC, 954-931-0592 / fisherL@svn.com
Ken Zeszutko, Z Corp. PR / 321-213-1818 / firstname.lastname@example.org