Commercial Property for Sale in Clarks Summit, PA
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Commercial Real Estate for Sale in Clarks Summit, PA
Find a great opportunity with commercial real estate for sale in Clarks Summit PA! Located in the heart of Lackawanna County, this suburban area offers a vibrant and growing business community with a stable and diversified economy. The Abingtons (compromised of Clarks Summit as well as Chinchilla, South Abington Twp, Clarks Green, Glenburn, Dalton, Waverly, North Abington Twp, Newton, and Ransom) has a population of over 25,000 and with its close proximity to major highways like Route 11 and I-81, it has become an ideal location for businesses to set up shop. The area is known to have a low unemployment rate compared to the national average, making it an attractive destination for companies looking to expand their operations or relocate. Clarks Summit has an excellent school district (Abington Heights), and the quality of life is top-notch with plenty of outdoor recreational activities and cultural events. With its excellent location, growing economy, and high quality of life, it’s no wonder why Clarks Summit, PA is a top choice for commercial real estate capitalists.
About Clarks Summit, PA
Clarks Summit, a borough in Lackawanna County, Pennsylvania, is a great place to raise a family as well as enjoy the outdoors. With numerous options of restaurants, stores, and parks, the Abingtons, including Clarks Summit, appeals to those relocating into the area and homebuyers who are looking to move to a more suburban/country-like atmosphere. It has a thriving commercial real estate market attracting numerous investors and businesses. The area boasts a favorable business climate and excellent infrastructure, which includes highways, airports, and rail transport. This makes Clarks Summit an ideal location for businesses in various industries, such as retail, healthcare, and technology. With the town’s prime location and conducive business environment, investing in commercial real estate in Clarks Summit offers tremendous opportunities for growth and profitability.
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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.