Commercial Property for Sale in Old Forge, PA
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Commercial Real Estate for Sale in Old Forge, PA
Commercial real estate for sale in Old Forge PA presents many opportunities for investors looking to tap into the space. This region boasts numerous industrial and office spaces, making it an ideal location for businesses seeking affordable and convenient spaces. Additionally, the resurgence of the manufacturing industry in recent years has led to significant growth in demand for industrial spaces particularly. With its strategic location, excellent connectivity and business-friendly environment, Old Forge presents a thriving commercial real estate market, attracting investors and businesses from diverse industries.
About Old Forge, PA
Old Forge, Pennsylvania has a small town feel without a doubt, even if it has a busy main street passing directly through the heart of it. With its self-proclaimed title, the Pizza Capital of the World, this town has grabbed the attention of many famous/infamous people over the years, including David Portnoy, former President Donald J. Trump and Hillary Clinton, to name a few. It’s a thriving commercial real estate market with a steady demand for retail, restaurant and industrial spaces. The town is home to several popular shopping centers including the Old Forge Plaza and the Gateway Shopping Center, which has had good occupancy rates over the years. In addition, Old Forge’s industrial park provides ample space for businesses that require manufacturing, warehousing and distribution facilities. Overall, Old Forge’s commercial real estate market is a viable option for businesses seeking to establish a presence in a prime location, nestled (in a sense) between much of Lackawanna and Luzerne counties, with a solid customer base and reliable infrastructure.
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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.