Assessing Historical Brooklyn Properties to Maximize Returns
Assessing Brooklyn properties can be a tricky affair. These days, not all structures in Brooklyn are being used for their original designations. Old factories are being turned into apartments. Warehouses are being converted to clubs and music venues. However, the right property in the right location can prove to be very profitable, especially if some of the aesthetics are preserved or restored.
Zoning Designations for Brooklyn Properties
If you are looking at an older property, especially one that used to be for commercial or industrial use, it helps to research the zoning. The designation of use will determine whether an old bakery from the 1920s, for instance, can be turned into a microbrewery or upscale apartments. Even if the building is cleared for conversion, zoning regulations may determine which renovations or expansions are allowed.
Brooklyn properties are full of history. For commercial real estate investors who are renovating or converting a specific property, diving into the public records can add to the value. Talking up the history of a property can allow investors to increase the amount charged for rent or resale. Additionally, NYC and NY State may have grants and other financing programs specifically for people who are willing to breathe new life into otherwise neglected historical properties in Brooklyn.
Value to the Community
If a building has some history, it might held to talk to some people in the neighborhood and learn their stories. Find out what the property means to them. People would much rather see an old building restored, or at least thoughtfully re-purposed instead of seeing it torn down to be replaced by a franchise or big box store. Incorporating nostalgia into the restoration process will not only bring enthusiasm from the community, but it will also draw potential tenants or buyers.
Always Get an Inspection
When looking at a large restoration or re-purposing project, an inspection is necessary. Assessing Brooklyn properties to determine how much capital and time are going to be required means sending in people who can give a detailed account of the plumbing and electrical work required. Of course, there is always the option of keeping the shell and completely overhauling the insides from the ground up. Either way, getting the most accurate estimates and finding out how structurally sound the building is are of the utmost importance.
At Express Capital Financing, we provide solutions to commercial real estate investors for projects of all sizes throughout Brooklyn. Contact our offices today to learn more.