Commercial Property for Sale in Dickson City, PA
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Commercial Real Estate for Sale in Dickson City, PA
Dickson City, Pennsylvania boasts a thriving commercial real estate market that is continuing to show signs of growth and expansion. With an increasing number of businesses choosing to set up shop in this area, several commercial properties have emerged in recent years to cater to this need. Retail centers like the Viewmont Mall have established themselves as premier shopping destinations. Furthermore, vacancies are rare on Business Route 6 (the Scranton/Carbondale Highway) as well as Commerce Boulevard and even on Main Avenue through town. With easy accessibility via major highways, such as I-81 and the Pennsylvania Turnpike, and a growing population, real estate experts predict that the commercial property market in Dickson City will continue to flourish in the years to come. Make sure to check out all the commercial real estate for sale in Dickson City PA.
About Dickson City, PA
This town is the gateway to the Valley and features affordable housing options, especially for first-time homebuyers. Those looking to invest in multi-family homes will also find suitable options for expanding their portfolio. Local market indicators for commercial real estate in Dickson City are relatively strong. The average price for commercial real estate in this area is around $780,000*. As for days on the market, most commercial listings tend to sell or lease in under 30 days, most others within 90 to 120 days*, which is a healthy time frame compared to other markets. Of course, these figures can vary depending on the size and condition of the property, as well as the current economic climate and other factors, but overall, Dickson City’s commercial real estate scene should be considered for businesses looking to expand or open shop.
* Greater Scranton Board of REALTORS® statistics June 2021-2023 (average sold price)
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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.