As real estate becomes more and more about tenant and visitor experience, mixed use properties have become one of the more flexible assets to work with for CRE investors and businesses.
In this article, we’re going to show you how to find mixed use properties in any market, and show you how to do so both and and off market.
TABLE OF CONTENTS:
|How to Find Mixed Use Properties|
|➤ Mixed Use Properties for Sale vs. Off Market|
|➤ How to Find Mixed Use Property for Sale|
|➤ How to Find Mixed Use Property in Any Market with Reonomy|
How to Find Mixed Use Properties
To find the ideal mixed use property in any market, your options are to search for sale listings on the market, or you can take a more personal route and search off-market.
Mixed Use Properties for Sale vs. Off Market
Searching for properties “for sale,” is to search for properties that are actively being listed on the market either by owner or with the help of an agent.
Off-market properties, however, are all other properties—those that are not being actively listed, which is a much larger pool of real estate. And in today’s transactional market, a very large amount of deals are conducted off-market.
Why? Because, when conducting deals off-market, you can avoid extra fees of middlemen and minimize the amount of people involved in any single transaction. Not to mention, you have access to any and every property in your market.
Technology like Reonomy compiles property and ownership information on both on and off-market properties across the nation, creating perhaps the most robust way to source new mixed property deals.
How to Find Mixed Use Property for Sale
Most people in the market for a mixed-use property will first head to a listings platform to search for properties listed near them and to compare pricing of types of mixed use properties they are looking for in their area.
There are plenty of real estate listings platforms out there, not all of which, however, have clear specifications for mixed use assets. There are both commercial and residential platforms that list mixed use property, as well.
In many cases, a combination of these platforms will give you the most breadth in your mixed use property search.
On LoopNet, there is no one-off filter for “all mixed use,” but there are filters that you can use to search for specific types of mixed use property in any market.
When searching for property for sale on LoopNet, you can add property sub-type filters such as “office/storefront,” “office/residential,” “storefront retail/residential,” “industrial live/work,” and more.
CREXi is another commercial listings platform that allows you to search for mixed use property for sale.
Contrary to LoopNet, there is one broad “Mixed Use” filter that can be applied to only see assets that are mixed use of any kind.
Visit our guide to commercial real estate listings platforms for a more robust list of options aside from LoopNet and CREXi.
How to Find Mixed Use Property in Any Market with Reonomy
To search for properties both on and off market and go straight to property owners, you can use Reonomy.
With a Reonomy property search followed by further analysis, you can find buyers and sellers of mixed property even before they decide to take action.
Search and Find Mixed Use Property
You no longer have to spend valuable time taking trips to your local county recorder, clerk or assessor’s office to perform a property search.
With Reonomy, you can now search any commercial property records nationwide with speed and ease.
Search by Geography
To begin your property search, you’ll likely want to add a level of geographic filters. You can search specifically for properties in any state, city, county, zip code, and neighborhood. You can also search by street name or exact address.
Search by “Mixed Use” Asset Class and Sub-Classes
From there, you can filter your search only for properties of a specific classification.
In the Asset Type tab of Reonomy’s web app, you can add filters for a number of different mixed use sub-classes, or simply search for ” All Mixed Use.”
In the Building and Lot tab, there are further physical qualifications that you can add to your search like building and lot size, whether or not the property is in an Opportunity Zone, the year the building was constructed, and more.
Search by Sales History and Debt History
At this point, you’ll have a list of mixed use properties you can search for properties more likely to sell by adding sales and debt history filters.
Under Reonomy’s Sales tab, you’ll find filters for “most recent sale date,” and “most recent sale price.” Here, you can search for properties that have or have not sold in a certain time frame.
For example, by searching for properties that have not sold in the last 5 or 10 years, you can identify owners that are much more likely to part with their mixed use property.
To continue filtering, you might also want to add mortgage and lender filters like “most recent mortgage amount,” “mortgage maturity date,” “mortgage origination date,” and “most recent lender.”
For mixed use property investors, the Debt tab can also be used to search only for properties that are currently in pre-foreclosure. Filters include pre-foreclosure category—final judgement, Lis Pendens, and notice of default.
Reonomy pre-foreclosure filters also include the ability to search by date of auction.
Search by Tenant Name or Tenant Type
When looking at retail and office spaces, knowing who the tenant is can be incredibly important.
In the Tenant tab of Reonomy’s web app, you can search for properties based on who the tenant is—either by name (for example, “CVS”) or by tenant type. Tenant types can be searched by NAICS or SIC codes (for example, “Convenience Stores,” “Marketing Consulting Services,” or “Full-Service Restaurants”).
Find Mixed Use Property Owner and Tenant Contact Information
After searching for mixed use property based on your preferred level of filtering, you can quickly begin analyzing each asset in-depth—which includes the ability to see who the owner and tenants are, and access their contact information.
After clicking into any property profile page, you can visit the Ownership tab to see the reported owning entity, which could be an individual, investment group, or an LLC.
In any case, you’ll be able to see the contact information of the individual people associated with ownership on the property, included those that are members of the owning LLC.
By moving over to the Tenant tab, you’ll see the list of all current property tenants, along with the contact information of tenant decision-makers.
In viewing the owner details, you can also click the name of the owner, and you’ll gain access to the full property portfolio of that owner.
Ownership records help when attempting to understand the current owner’s motivation and intent for the property. Understanding the intent of the owner is invaluable when making contact.
It’ll help you build a hyper-targeted pitch and reach out to mixed use property owners directly.
Build a Mixed Use Property Owner List
If you’ve identified many prospect owners that you’d like to connect with, you can also take your list of mixed use property results and export them for flexible use.
Reonomy allows you to export and create lead lists that are relevant and specific to you.
One of the benefits of creating your own lead list limited to your specific area of interest and property type, size and price requirements is not only to reach out to fewer owners, but also to provide personalization in your messaging.
Based on the owner portfolio or asset of choice, you’ll likely be directly calling, emailing or mailing the decision maker of the mixed use property you are interested in.
Knowing all of this, let’s look a bit more specifically at some of the granular benefits of searching for mixed use properties off-market.
The Benefits of Sourcing a Mixed Use Deal Off-Market
One benefit of off-market deal-making is that you are likely the first person to reach out to the property owner.
If the owner has not listed the property, they are likely not actively looking to sell. However, this does not mean that the owner wouldn’t be open to the idea of a sale—after all, every asset has its price.
That also doesn’t imply that you’ll overpay either, as you’ll be saving on broker fees and other servicing fees that might arise when using an agent. You’ll often even be able to offer the owner more than they would make on the market, while still getting a favorable deal for yourself.
When looking for off-market properties, you simply have more flexibility.
With Reonomy, you have the option to look at every property in the area of interest, rather than limiting your search to specific properties that are currently listed for sale.
This flexibility can be a big benefit, based on the kind of deal you are looking to create.
By using a tool like Reonomy to source your deal, you have the opportunity to contact a mixed use property owner directly and cut down the time it takes to make a deal happen.
If you’d like to start searching mixed use property buying opportunities, and find owner and tenant contact information, Reonomy might just be able to help out.