I see this property when I drive by Whitemud or 99 St. It's in a great location. What do you think it's highest and best use would be now? What do you think about a co-working space? with open concept office space and separate kitchen, board room, meeting rooms etc? I hear a lot about office/warehouse combination space. This looks like it would well for that kind of application. great vid as always 👌
Figuring out the highest and best use is what we're focusing on right now actually! A co-working space is a very interesting idea, particularly as the building is situated next to three office buildings already. The high exposure to those two busy roads lends itself well to another showroom space (furniture would be a natural continuation, or perhaps cars even). Also looking at the potential of converting it back to be a traditional office / warehouse configuration. Thanks for the comments and feedback Jay, very much appreciated!
I think NJ and other coastal markets will always have high levels of demand but there are a few things I'd be a bit cautious about. First, rental rates are already quite high so I'd have to wonder how much higher they can go before other markets start looking attractive. There is also a lot of inventory coming online at the same time the economy is showing some fatigue. So long as you buy the right property I think there will always be tenants in the market, but personally I'd be a little cautious right now until we get a better sense of how interest rates affect values. Right now there aren't a whole lot of sales / comparables to draw off but I do think prices will dip a bit in the short term.
@@industrialize thanks for the quick response Chad! My train of thought is that the northeast and central part of NJ is primarily industrial zones with access to the parkways/ highways...i will surely do more due diligence
