Commercial Property for Sale in Pittston, PA
Commercial Sale For Sale
151 Brown Street, Pittston, Pennsylvania 18640
Commercial Sale For Sale
818 Suscon Road, Pittston TWP, Pennsylvania 18640
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Commercial Real Estate for Sale in Pittston, PA
Commercial real estate for sale in Pittston PA offers a strategic location, coupled with its growing infrastructure and diversified economy, make it a hotspot for commercial real estate investment. The city has a population of 7,600 with a median household income of $51,000, according to World Population Review. With industries ranging from manufacturing to healthcare, investors have a wide range of options to choose from. Overall, Pittston represents a stable investment opportunity for commercial real estate investors.
About Pittston, PA
Pittston, Pennsylvania is a city located in Luzerne County on the banks of the Susquehanna River that was originally founded in 1770, making it one of the oldest settlements in Northeastern Pennsylvania. Pittston has a rich history in coal mining, with numerous mines operating in the 19th and 20th centuries. Today, it declares that it’s the Quality Tomato Capital of the World – you be the judge. The city is also home to a diverse range of businesses, including manufacturing, distribution, healthcare and retail. The Pittston Industrial Development Enterprises (PIDA) has been actively partnering with businesses to provide incentives for companies to set up shop in the area, further driving the growth of the commercial real estate sector in town. With its prime location close to metropolitan areas and access to major highways, Pittston’s commercial real estate market is expected to continue to flourish in the coming years.
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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.