Located 24 miles away from the city of Los Angeles is a quiet city called Westminster, CA. Known for its thriving residential zones and small business sectors, Westminster has a steadily growing population of more than 91,000 residents. Santa Ana and Anaheim are the two closest Orange County cities, and make up for much of the traffic which occurs due to tourism and business.
Although Westminster’s buildings don’t account for the majority of the buildings around town, there is a fair selection for those wishing to buy or lease within the district. Prices are based on square footage, and are modified to include cost increases for special onsite features, modern renovations, building age, and location in relation to the business district.
Companies which use warehouse properties in Westminster are primarily in the manufacturing, shipping, storage, and automotive industries, although there are several other niches using these large commercial properties as well.
Westminster Warehouse Building for Sale & Lease
Deciding to buy any property is a big commitment, but when you see the size and price tag of a commercial lot, like a warehouse, it can become even more daunting. This is why it’s so important to do you homework, and determine just how lucrative an investment in the industrial sector will be for you. Are you planning to lease the property to other businesses or use it for your own purposes? Is the space you are considering going to be beneficial long term, and what is the possibly resale value estimated to be in the next decade or two?
Bringing a list of questions and required specifics to a commercial realtor will have you save time and money searching for potential buildings on your own. These lots are listed online, but often have prices to be determined upon contact with the seller, and if you aren’t prepared to bargain, you could end up paying too high a price.
Westminster Warehouse Property for Sale
Warehouses in Westminster can be purchased as small lots, mid-sized buildings, or large industrial spaces. For $75,000 to $2 million, you can invest in one of these sites and set up shop, or begin leasing to new tenants. As an investment, these large buildings can be successful if you can find long-term tenants. In fact, finding somebody to lease your warehouse could help pay off the property for you.
One of the benefits of an industrial space, rather than a standard retail commercial space, is that most contracts put the tenant in charge of covering much of the maintenance and upkeep during the term of the contract. This is because many industrial services can be dangerous, or cause damage if not managed properly. Having the appropriate insurance in place for both owner and lessee is also crucial.
There are some cons to owning large-scale property, in that you wind up risking your investment on another business which might not prosper. Before signing over the use of your warehouse to another party, do some research to determine past dealings they have had, last quarter’s earnings, and the potential for company growth over the next few years. Because of the lengthy leases involved in industrial real estate, you want to have some security in place in case the renting company goes bankrupt or defaults on a payment. Finding new tenants can be difficult when given short notice, so feel free to be picky when selecting tenants, and check references thoroughly.
Westminster Warehouse Property for Lease
Leasing a warehouse in Westminster is a good option for businesses who don’t have the financial capability to buy, but need a large space for their goods. Leasing is less restrictive than buying, in that there is a set term for which you pay for and use the building, following which you are free to either renew, or create a new contract elsewhere. These long-term leases are a good opportunity to build rapport with the company you rent from. It makes future contracts run more smoothly, and could even offer some incentives in terms of leeway when it comes to structural changes to the property, or other upgrades.
To lease in Westminster, you will require the services of a lawyer. This is for your protection, as well as the protection of the property owner. Your lawyer can help you maneuver your way through the red tape surrounding this type of business dealing, get the best rate for your term, and possibly negotiate an option for renewal once your lease is up.
Leasing and buying warehouse property in Westminster provides very different pros and cons. If you are considering either, it is a good idea to touch base with a commercial realtor before you begin looking for an appropriate lot or building. Local realtors have a good grasp on both the process, and any pitfalls you should avoid while creating and carrying out a contract.