Commercial Property for Sale in Factoryville, PA
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Commercial Real Estate for Sale in Factoryville, PA
The average price for commercial real estate for sale in Factoryville PA is around $48 per square foot*, lower than the national average. However, the days on market can be a little longer than other markets in our region. There is a mix of properties available, including retail, office and industrial spaces. Investors who are willing to be patient may find some great deals, as sellers are becoming more motivated due to the extended time on the market. An area with more opportunity in Factoryville has also been multi-unit investments. Overall, the commercial real estate market in this town remains steady with opportunities for buyers.
* Greater Scranton Board of REALTORS® statistics June 2021-2023 (average sold price)
About Factoryville, PA
Factoryville, Pennsylvania [aka the Ville] is a small town nestled in Wyoming County that has experienced a steady population of about 1,100 people for the past several years. This city resides to the north of the Abingtons and is within close proximity to Tunkhannock, Nicholson, Lake Winola, and other neighboring towns. Commercial real estate in this up-and-coming college town boasts a diverse mix of commercial ventures, including retail stores, restaurants, healthcare facilities, apartments, and more. This diverse mix of businesses has created a thriving local economy and offers investors ample opportunities for growth. Additionally, the town’s proximity to larger cities (about a 30+ minute commute), such as Scranton and Wilkes-Barre, makes it an attractive location for businesses looking to expand up through the Northeastern Pennsylvania region. With ample space available for new commercial development, now is the perfect time for investors to stake their claim in this promising market.
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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.