Commercial Property for Sale in Scranton, PA
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Commercial Real Estate for Sale in Scranton, PA
In today’s highly competitive business landscape, finding the right commercial real estate property can make all the difference in achieving success. Scranton, Pennsylvania has proven to be a prime location for businesses of all sizes and types. Whether you’re looking to start a new business venture or expand your existing operations, commercial real estate for sale in Scranton PA can provide you with the ideal foundation to achieve your goals. View our commercial listings in Scranton and call or email us for more information.
About Scranton, PA
Also known as the Electric City, Scranton had its birth in the mid-ninetieth century, steeped in coal and the railroads that transported it. This town is home to the Lackawanna Coal Mine Tour, the Steamtown National Historic site, the Electric City Trolley Museum, the Everhart Museum and so much more. Commercial real estate in Scranton offers a variety of opportunities, from retail spaces to office buildings to warehouses and distribution centers. With the city’s strategic location, access to major transportation networks, and affordable cost of living, Scranton has become a popular choice for businesses looking to establish a strong presence in the northeastern region of the United States. If you’re considering investing in commercial real estate in Scranton, now is the perfect time to explore your options. With a wide range of properties available for sale, you’re sure to find the perfect location and space to meet your business needs and thrive in this resurging city.
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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.