NOVA RIDGE DEVELOPMENT IS AN EXPERT ON COMMERCIAL CONDOMINIUM PROJECTS
What is commercial condominium ownership?
Commercial condominiums include retail, office and industrial properties. A portion (unit) of a larger building can be purchased from the owner/developer of the building, either for owner use or as an investment property to be leased to others.
Commercial condominium units typically range in size from 1,000 to 10,000 square feet. Normally properties of this size are only available on a rental basis by institutional landlords.
The owner of the condominium unit holds title to the premises and has full control over any and all elements within the unit. Restrictions on use are those of local zoning regulations and those put in place by the unit holders themselves through their condominium corporation.
Commercial condominiums provide the benefits of commercial real estate ownership that previously have been available only to owners of large-scale premises.
What are the benefits of ownership?
APPRECIATION IN VALUE
Instead of facing rent increases and rising real estate costs, your investment appreciates.
- LOCKED-IN OCCUPANCY COSTS Owners are insulated from ever-rising rental rates.
- TAX ADVANTAGES Owners can deduct condominium fees, mortgage interest, property tax and operating costs in addition to claiming depreciation of the unit itself.
- DUAL ASSET-BUILDING: YOUR BUSINESS & YOUR REAL ESTATE While you're building the value of your business, ownership of the real estate you occupy can create its own separate asset value. In the event that you sell your business, the real estate will have its own value, and can be included in the business sale, sold separately or kept.
- EXPERT PROPERTY MANAGEMENT Owners can concentrate on their businesses while leaving the management of the property and building systems toa professional condominium management team.
- DESIGN CONTROL Custom design your premises to suit your company's needs exactly, while increasing your equity, not your landlord's.
- EXPANSION FLEXIBILITY Owners who anticipate expansion can purchase a larger unit and sublet the excess space, receiving additional revenue until they are ready to expand.
- OPPORTUNITY FOR A UNIT OWNER/INVESTOR TO LEASE TO A 3RD PARTY Perfect for investors seeking to own commercial space to lease to companies or professionals.