Commercial Property for Sale in Dunmore, PA
Commercial Sale For Sale
233 Drinker Street, Dunmore, Pennsylvania 18512
Commercial Sale For Sale
729 Drinker Street, Dunmore, Pennsylvania 18512
Commercial Sale For Sale
203 Chestnut Street, Dunmore, Pennsylvania 18512
Commercial Sale For Sale
138 Smith Street, Dunmore, Pennsylvania 18512
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Commercial Real Estate for Sale in Dunmore, PA
The average price for commercial real estate for sale in Dunmore PA is currently $75 per square foot*, which is lower than the national average (but there is a wide range of valuation and multiple variations depending on if you’re referring to the price per square foot for office space, retail space, warehouse space, etc.). The average days on the market for over 50% of the commercial listings is over 90 days*, meaning that it may take some time for properties to attract potential renters or buyers. However, this market is still favorable for investors and business owners looking to expand or relocate, as there are still a number of high-quality properties available.
* Greater Scranton Board of REALTORS® statistics June 2021-2023 (average sold price)
About Dunmore, PA
Dunmore, located in Lackawanna County, Pennsylvania, is a popular area for those looking to live with the conveniences of Scranton, but residing just outside its municipal boundaries. Moreover, it has a thriving commercial real estate market. The town boasts an extensive range of industrial, office and retail spaces, making it an attractive location for businesses of all kinds. As you head north in the direction of Throop, the Keystone Industrial Park is a notable retail area with excellent access to the major interstates of I-81, I-84, I-380 and the Casey Highway. The median sale price for commercial properties in the area is $239,500 with prices ranging from $37,000 to $600,000*. Overall, the Dunmore commercial real estate market presents opportunities for investors and businesses looking for thriving markets to grow their operations.
* Greater Scranton Board of REALTORS® statistics June 2021-2023 (average sold price)
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FAQs
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.