Commercial Property for Sale in Carbondale, PA
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Commercial Real Estate for Sale in Carbondale, PA
If you’re considering commercial real estate for sale in Carbondale PA, here are a few general facts to consider. Carbondale has a population of approximately 8,800 people and is located in Lackawanna County. It is within close proximity to interstates that connect to major cities such as New York City and Philadelphia, and only miles away from Scranton, making it an ideal location for businesses that require easy access to these areas. The town also has a low unemployment rate and the median household income is just below the national average. The average price per square foot for commercial real estate in Carbondale is also lower than in other nearby cities, presenting an opportunity for investors to make a significant return on their investment. Overall, Carbondale presents a unique location for commercial real estate investment, offering various benefits to both investors and business owners.
About Carbondale, PA
Carbondale, Pennsylvania, also known as the “Pioneer City,” sits about fifteen miles northeast of Scranton and about twelve miles from Elk Mountain Ski Resort and is located in the hills of Lackawanna County. The town became home to our nation’s first underground anthracite mine (June 1831). The city of Carbondale shaped our region for many years to come, but as the coal industry dwindled, Carbondale suffered. In recent decades, the town has rebounded, offering opportunities for both commercial investors as well as homebuyers. Carbondale has great access to neighboring cities through Business Route 6, the Casey Highway, and Interstate 81. Reinvest in one of Northeastern Pennsylvania’s most historic cities, Carbondale.
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How long does it take to close on a commercial property?
With the complexity involved in commercial real estate loans, it usually takes about three or four months to close on a typical commercial loan. Quicker deals can come together between seventy-five and ninety days to close on a commercial property, though there are exceptions.
As an investor, make sure you have sufficient time for due diligence – a period of time for completing inspections and investigating intended use, among other things. Before setting a closing date, the purchaser and their agent should consult (real estate/title) attorneys, engineers, inspectors and any other professionals needed to make sure they’re ready to close the deal. All parties will need to be mindful of their availability as well.
What is the process to buy a commercial property?
Purchasing a commercial property can be a complex matter, especially as it pertains to the buyer’s analysis. That’s why it’s imperative that you have enough time to investigate. Here are the major points when buying a commercial property:
- Hire an experienced commercial real estate agent
- Determine the type of commercial property you need
- Identify potential properties to buy
- Set up a showing
- Decide upon which listing meets your needs
- Make an offer
- Sign a sales agreement
- Perform due diligence
- Complete a final walkthrough of the property
- Close on the property
Remember, we’re here to help you navigate through these steps.
How long are commercial real estate loans?
Commercial real estate loans range from five to ten year terms, but are amortized up to a 25-year term. The longer the loan term, the less the monthly payment. However, a longer loan term means greater interest costs associated with the loan.
In a situation where a 5-year term was taken for a commercial loan (amortization period of twenty-five years), the investor would make monthly payments over the course of five years based upon the loan being paid off over twenty-five years. At the end of the five years, one balloon payment would need to be made in order to pay off the remaining balance of the loan in full.