Searching for commercial properties can be challenging.
Commercial properties, unlike their residential cousins, do not populate a singular database. Searching for a house or condo is comparatively easier as all you have to do is look in the MLS, Zillow or Trulia, and you can find 90%+ of the available homes at any given time.
The Best Searches Cover All Bases
Searching for commercial properties necessitates navigating multiple databases, often containing incomplete or incorrect information, in order to cobble together a list of what is available at any given time. And this problem is compounded by the fact that owners of multi-family properties, more often than not, prefer quiet sales and rarely formally announce their property’s availability via public channels.
This is where we come in.
As members of not only every available database that would contain multi-family properties for sale, we are also intimately knowledgable of the Richmond market and have brokered more off-market sales than any other brokerage operation.
If you are interested in acquiring multi-family, or any other investment property, please e mail Tom Rosman, Director of Commercial Sales or call him at 804.353.0009, to discuss your needs.
How to Search for Multi-Family
At One South Commercial, we believe that in order to truly serve our clientele, we need to make sure we have all of our bases covered. We do so via both conventional and unconventional means. Our firm is one of the only firms in Richmond who are members of all of the platforms for search.
And while we are not only members of every relevant database for property search, we have also developed an extensive network of personal connections within the network of multi-family owners, operators and managers. It is from this proprietary network that many of our most successful sales have originated.
We are members of CoStar, the most complete database of available commercial properties. CoStar is a paid service available only to subscribing brokers. CoStar is also an excellent research tool and used to help value properties by supplying recent comparable sales, demographic information, and capitalization rates.
Please contact Tom Rosman, Director of Commercial Sales, to receive a list of properties for sale via CoStar.
LoopNet, unlike its owner, CoStar, is a public facing database that anyone can use to search for commercial properties that may be for sale or for lease. However, in order for all of the available properties to be visible, the user must purchase a subscription.
LoopNet functions more like a message board than a true research vehicle and while it is publicly available, contains a small subset of the available properties.
Probably the most important source of available listings is our own personal networks. Significantly more than half of our sales have occurred by pairing buyers with sellers who had not indicted they were ready to sell their property. Our knowledge of who owns what, what other projects that they are working on, who’s abatement might be ending or who’s credits have now expired allows us to fulfill purchaser requests with off market sales.
If you are seeking opportunities in the multi-family market, we strongly encourage you to reach out and let us know what you are looking for. Our knowledge of the market, combined with access to every relevant database, means the most complete coverage for you and the highest chance that you will find the best opportunity available in the market.
One South Listings
Unless instructed by our owners, we share our listings with both cooperating brokers as well as the public. We feel it is in the best interests of our clients to fully expose their listings. Unlike some agents who choose to keep properties out of the public domain, we feel that the correct exposure drives both price and terms to the seller’s benefit.
You may search our listings here — http://onesouthcommercial.com/for-sale-one-south-commercial-listings/
Multiple Listing Service
Richmond’s Multiple Listing Service (MLS) also offers a commercial database alongside of the residential database, as well as a 1-4 unit multi-family database, to its subscribing members. Participation by the agents of Richmond is lukewarm and thus the database contains a small subset of the available properties that may be available at any given time. That said, it has developed into an excellent resource for raw land, as well as smaller multi-family properties, and thus we participate in order to provide the greatest level of coverage for our clients. MLS also does a phenomenal job of pushing listings to the public search sites (sometime referred to as ‘syndication’) and we leverage this feature to our clients’ benefit.