Commercial opportunities in Mission Viejo, California, has a growing population with more than 96,000 residents as of 2013. The community is a short distance from Santa Ana and Anaheim, and has an abundant retail community. Whether you’re a resident looking to setup a new business, or you’re moving to Mission Viejo and hoping to bring your store with you, there are plenty of options for both buying and leasing commercial real estate within the township.
Most retail space sales and rentals are based on dollar per square foot. For a lease, this cost is projected at a yearly level, while buyers will be looking at paying the entirety of the cost upfront, or through some form of financing.
Mission Viejo Retail Building for Sale & Lease
The size of retail lots in Mission Viejo vary from small to mid-sized and large. No matter what kind of business you run, you can expect to find a suitable space, anywhere from 900 to 9,000 square feet. Of course, the larger the site, the more you’ll pay per year.
Buying in Mission Viejo sets the stage for a long-term business goal, and is a move best made by those who have strong business plans. If you haven’t had time to create a business plan yet, it’s a good idea to get started before you start looking for a retail property. Coming to the bargaining table with an outline of your business and future goals is also helpful while leasing, because it shows property owners that you’re serious.
Mission Viejo Retail Property for Sale
Before you take the plunge and purchase retail space in Mission Viejo, there are a few things to consider. First off, what is your financial situation, and will you have enough left over to cover the costs of upkeep and other issues which may arise after you take possession? Even after a walkthrough and inspection, there are always things that can go wrong following the sale of a property. Once you know you can afford the costs of owning a commercial building, you need to make sure that you have the right type of space for your business. For example, a clothing store might require a stock room, staff break room, and washroom. A restaurant will need a kitchen, a large storage room with space for walk in refrigerators, washrooms, both public and staff only, as well as other features.
Buying isn’t necessarily a permanent task, but it does make your responsible for looking after a location long term. Even if you are buying to make a future profit through resale, you first need to put the time and energy into either restoring or keeping up appearances until the place is purchased. Many owners who don’t plan to use commercial real estate for their own business purposes will rent to others. Leasing your space out gives you the ability to hold on to your location and make a profit, while you wait for the markets to soar high enough to sell.
On the other hand, leasing to another business means that there is potential for late rent checks, and the future bankruptcy or default on the contract. If you come to depend on the income offered by the renter, there could be risks if the deal falls through.
Mission Viejo Retail Property for Lease
Leasing a property in Mission Viejo opens the doors to a variety of opportunity in terms of business size, location, and setup. While Mission Viejo is mostly made up of residential zones, there are plenty of retail locations for sale throughout the city. The price of these buildings fluctuates based on the market, size of the location, and where you’re buying, but you can expect to see an average cost of around $18-$45/square foot/year. Hiring a commercial realtor to walk you through the leasing process can be a big help, particularly if you’re not from Mission Viejo, and you need a little intel on the best areas to start your business.
Knowing where you’ll get the most sales is a huge asset to leasing a retail space. You may pay more to be situated in a prime location, but it’s worth it if the quarterly sales reflect your efforts. Watch out for contracts where the rent fluctuates based on the market. Choosing a fixed rate lease agreement, at least for the first year could save you money in the long run, and keep your rates from increasing once you start doing well for yourself.
In Conclusion
If you’re not sure whether you want to lease or buy, it might be a good idea to lease first and consider your options. Buying commercial property in a thriving city like Mission Viejo can be a huge investment, but if you’re on the fence, or don’t have enough capital to start out strong, you could wind up regretting the decision to rush in. Of course, if you have the money to back your business, and you’ve found a location where your business will do well, buying just makes sense.