Commercial Apartments Complexes: Champaign-Urbana IL
Many property owners new to the industry tend to figure that buying commercial property is more costly and time consuming than managing residential properties. High barriers for entry like upfront capital costs and maintenance can seem daunting, but in most cases this is not true. For a rapidly growing and thriving community like Champaign-Urbana, property and business owners are in good hands when looking to start purchasing or leasing commercial space.
The returns on investment in terms of rental space allocation and eventual appreciation is very appealing to most business owners. For those with a growing startup company, investing in an entire commercial space for their new office can offer many benefits. Below we detail the considerations many make before deciding whether to lease or buy a commercial apartment in Champaign IL.
Schedule A Showing
WHAT TO KNOW AND WHEN TO BUY
Here is a brief guide for the essential questions you need answered before purchasing a commercial apartment in Champaign IL.
Q: What sorts of properties do you own and sell?
A: We buy and sell a variety of properties, from retail office spaces in shopping centers to multi-story residential buildings near University of Illinois' campus. We have listings available for:
- single commercial office for your own business
- apartment complex with only residential units
- single-use building with multiple office spaces
- apartment complexes with first floor retail space
Q: Is this property single-use or multi-use?
A: Many of our own properties have first floor retail space in addition to residences in the upper floors. Be prepared to take on multiple tasks, filling leases for tenants in the realm of business along with students, families, or individuals.
Q: How do I know if this is the right fit for me?
A: For property owners that use their own space for business, it is important to consider your projected team size, growth, and service needs. Retail sellers will require a breakroom, merchandise storage space, restrooms, etc. while a web design company might need a reception desk in addition to high quality internet access and computers.
Our agents are always updated on current offerings and will be able to recommend spaces based on location and your specific needs.
Related: See our FAQs page
Financing an Apartment Complex
Upon purchasing a commercial apartment, there are startup costs and continual investment in the value of the property that will occur over time.
TYPICAL COST BREAKDOWNS
- Commercial Property tax
- Commercial landlord insurance
- Council rates
- Bank fees
- Rental Management
- Marketing and Advertising
Our agents are here to help in the process of getting you started. Whether you are looking for the next great investment or to start expanding your company with a big step, Green Street Realty can help get you there.
How Commercial Leases Differ From Residential Leases
While they might appear similar, commercial leases are, practically and legally speaking, quite different from residential leases. We've detailed a few traits specific to commercial leases below:
Fewer consumer protection laws. Commercial leases are not subject to most consumer protection laws that govern residential leases -- for example, there are no caps on security deposits or rules protecting a tenant's privacy.
No standard forms. Many commercial leases are not based on a standard form or agreement; each commercial lease is customized to the landlord's needs. As a result, you need to carefully examine every commercial lease agreement offered to you.
Long-term and binding. You cannot easily break or change a commercial lease. It is a legally binding contract, and a good deal of money is usually at stake.
Negotiability and flexibility. Commercial leases are generally subject to much more negotiation between the business owners and the landlord, since businesses often need special features in their spaces, and landlords are often eager for tenants and willing to extend special offers.
- For a residential lease, the landlord typically pays the property taxes, which are included in the rent. In terms of a commercial lease, the landlord usually pays the property tax, but the tenant will pay for tax increases after the lease starts. If the commercial property is "net leased," the tenant pays the property taxes directly to the taxing authority.
Ready to get started now? View our listings and what is under construction.
All You Need To Know About Commercial Apartments in Champaign IL
Tips for picking a commercial apartment in Champaign IL:
- Cast a wide net: Find at least two or three places that work. This might be more tiring and time-consuming upfront, but it will pay dividends in multiple ways later.
- Don't sign a lease until you have a grasp of the entire expense picture, including maintenance and any additional costs.
- Avoid emotional attachment until after you've negotiated agreeable terms and are ready to commit. Keep yourself detached, as this is business - love is for suckers.
- Ask for a pro forma copy of the lease as soon as possible and read it thoroughly. All leases are not made equal.
Parts to a Commercial Lease
Before signing the lease for your commercial apartment in Champaign, look over these topics:
Improvements: A lease should address what improvements or modifications can be made to the property, which party will pay for the improvements, and whether the tenant is responsible for returning the unit to its original condition at the end of the tenancy.
Description of the property: The lease should clearly describe the property under lease. For instance, the lease should clarify whether it includes bathrooms, common areas, a kitchen area, and a parking facility.
Signs: If necessary to the success of the business, be certain that the lease agreement does not prohibit putting up signs that are visible from the street. Also, check local zoning ordinances to determine what other limitations may apply.
Use clause: Many lease agreements will incorporate a use clause to define the activity the tenant can engage in on the premises. These clauses are in place to protect the property from damage and limit the liability of the property owner. If possible, ask for a broad usage clause just in case the business expands into other activities.
Assigning and subletting: Ask the landlord for the right to assign the lease or sublet the space to another tenant. This is an important term because the tenant is still responsible for paying the rent if the business fails or relocates, but with a assignment or sublet clause in place, the business can find someone else to cover the rent.
Compliance with the Americans with Disabilities Act (ADA): Under the ADA, if a business is open to the public and has more than 15 employees, the premises must be accessible to people with disabilities. The lease should determine who is responsible for making any necessary alterations to the property and who must pay for these changes.
Commercial Apartments In Champaign IL | Green St Realty