FOLLOW UP ON MORE EMPTY STORES COMING UP FOR RENT. INTERVIEW WITH 40 YEAR EXPERIENCED REAL ESTATE BROKER, JIM TURANO. A SPECIAL THANK YOU TO JIM FOR ALWAYS MAKING THE TIME AND KEEPING OUR OWNERS-LANDLORDS UP TO DATE ON WHAT IS GOING ON IN MANY AREAS.
Taxes on Buildings are climbing higher and higher each year. The typical Landlord who owned a Mix Use building has never seen taxes go up like in the last 5 years. So therefore they keep passing the increases to Store/Business owners. The results are people leaving in droves in many areas.
Areas like Howard Beach, Ridgewood, Glendale, Elmhurst, Maspeth,
Middle Village, Rego Park and Forest Hills.
Opinion: Investors and 1031 exchange buyers are better off staying away from 6-12 family buildings not knowing what will be with Rent Control laws coming up soon. And in addition to stay away from Mixed Use buildings-apartments store buildings.
The better Investment is to buy a Commercial Building with a Triple AAA tenant in place, no other tenants, a Community use Building, and let the tenants typically pay part or half the expenses besides.
Examples: Bank occupied, School occupied, Medical, etc..
No calls in the middle of the night, taxes go up the tenant pays at least half of the increases automatically. This is the future way of smart Investing in Real Estate.