Interested in investing in a mixed-use property? Or, looking for a space for your business? Have you considered a mixed-use property? Mixed use properties are on the rise. At HOWE Louisville, we offer valuable and useful consulting services, which can help make the purchase of a mixed-use property go more smoothly. With a mixed-use property, there is a lot to consider compared to other kinds of property, so its crucial, you (as the investor/landlord), have a solid understand or different aspects of real estate, and we can give you a helping hand with that! With a mixed-use property, the rewards are, most often, absolutely worth the effort, but you do need to be certain that you are making the right moves along the way – that’s where we come in!
What is a Mixed-Use Property or Development?
Mixed-use properties or developments combine residential and non-residential buildings. It can be a single building, several buildings, or an entire neighborhood. Mixed-use properties can include restaurants, gas stations, retail stores, multifamily housing, parks, and more.
These properties fuse different types of real estate together to complement them. They’re popularity began to rise again in 2016. These properties are attractive to many buyers/renters because they give people a closeness and easy walking distance to shops, restaurants, and jobs. Younger generations prefer this closeness. With a mixed-use property, you aren’t just buying a home, store or space, you’re buying into a whole neighborhood vibe and community experience.
Here are some reasons mixed-use properties are popular for buying/living in/renting/investing in:
- Exposure to customers – Between the residential and commercial buildings, there’s a lot of foot traffic. Your business/space will get more exposure than if you moved into a stand-alone space. Local residents usually are repeat customers to their nearby stores, as well. In a mixed-use building, you’re automatically exposed to more potential customers, whether you’re a new or established business. Your visibility is guaranteed to increase. The more diverse the property, the more active with customers it will be.
- Better property management – Since mixed-use properties are a big community, property management services are usually better than when you’re in a stand-alone space. You will be well taken care of from maintenance to upgrades.
- Positive impact – Mixed-use properties help encourage people to be more active (walk to place), increase parking efficiencies, help to preserve the landscape (more densely compacted builds), and reduce traffic and fuel usage.
- Closeness – People love having the ability to walk to an array of different places close to their homes. Americans are preferring walkable communities more than they have in the past.
- Amenities – These types of properties are usually close to schools, libraries, parks, hospitals; overall, they’re generally in a great location with easy access to a city’s amenities.
- Diversify your portfolio – Mixed-use properties offer both residential and commercial real estate, which can help investors reduce the amount of risk their real estate portfolio is exposed to, while also helping minimize the impact of bad assets in their portfolio.
Looking for Louisville Commercial Property to Rent?
It’s no surprise mixed-use properties are on the rise! Why? The younger millennial generations are now buying homes and prefer to be close to urban environments within walking distance. Whether you’re an investor, restaurant owner, retail store owner, or have a corporate business, you can benefit from renting/owning space in a mixed-use property.
Mixed-use properties can offer some of the most challenging situations for any real estate investors, so getting help is a good idea. Let our team of professionals at HOWE Louisville help you get started on looking for a mixed-use space. We work with buyers, sellers, lessors and lessees across all property types in and around Louisville. To contact us, send us an email or call 502-890-4475.