6 Tips When Buying Commercial Land for Sale in Columbus, Ohio
Just as farmers select the types of crops to grow and where to locate them, buying commercial land for sale in Columbus, Ohio requires similar forethought. Because a property looks great doesn’t mean all legal entanglements have been resolved, or there aren’t unforeseen challenges. In short, don’t let the fervor of early spring and the exhilaration of a new beginning blind you to property shortcomings.
Since 1830, the U.S. Census Bureau has never recorded a decrease in Columbus, Ohio population. And for the past 30 years, the city has achieved double-digit population gains – a hard feat in the urbanized and industrialized Midwest. That means vacant downtown Columbus commercial real estate is rare. But it also means suburban and rural areas are waiting to be discovered, improved, and purchased! Continue reading to realize these opportunities, learn essential land buying tips, and find out why so many companies are choosing to buy commercial land for sale in Columbus, Ohio, and the surrounding areas.
Opportunities in Commercial Land to Buy
Many commercial real estate investors focus on the most popular commercial investment property types: industrial, multifamily, retail, and office. However, there are many other commercial investment options, and buying land for sale is one of them. Savvy investors find great opportunities in commercial land to buy. Investing in land can provide a fantastic return on investment, allow you to earn passive income, and build a diversified commercial real estate portfolio. But as more investors buy land, fewer opportunities exist, especially in a populated region like Columbus, Ohio. Start your journey to find land in Ohio, but make sure you’re prepared. Take the following six tips into consideration before you begin searching for commercial land.
6 Essential Tips When Buying Land:
- Start with the basics – envision, explore, discover: Determine exactly why you’re buying the available land, or what you may foresee in the future. Do you envision a shopping mall? A mixed commercial/residential property? What are the current (and predicted) population growth numbers like? Consider driving around the area or even relying on Google Maps to explore; you might discover the community’s uniqueness and how your purchased commercial land can fit into the larger picture.
- Get Pre-Approved for a Loan: If you’re new to commercial real estate investing, financing can be daunting. For anyone considering getting a loan to buy land for sale, make pre-approval one of your initial steps. There is a big difference between residential loans and commercial real estate loans, with the latter much more stringent. So, start by researching the nuances, including qualifications and minimum downpayment. Then research lenders who offer commercial real estate loans.
- Learn about roads, easements, and property rights: Consider spending the afternoon or night on the land that’s for sale, if possible. Learn about easement rights and road access. For instance, a nearby road could be privately owned by another neighbor. Do you want your rights to that road governed by a simple handshake or do you want to ensure solid legal ground?
- Check for access to water and utilities: Undeveloped, raw acreage doesn’t mean ungoverned. Check the property’s access (and legal use) to streams, creeks, rivers, ponds, etc. The same goes for utility access. Rural property may be off the grid. How expensive will it be to electrify a piece of raw land and connect sewer mains? If city sewer options aren’t available, how does that impact the property’s commercial potential?
- Zero in on zoning laws: Zoning laws are extremely important when you buy commercial land in Columbus, Ohio. Some areas may be designated “forever wild,” such as New York’s Adirondack Mountains; however, others may strictly limit building heights, population density, and distance from nearby properties.
- Always hire a commercial real estate professional: A licensed CRE broker (or commercial land broker) is imperitive when buying commercial land for sale. Commercial real estate is widely different than residential real estate. A commercial broker will have in-depth knowledge of the market as well as networking connections and access to listings. In addition to saving you time and money, a commercial real estate broker can help you identify what to look for make sure you avoid making rookie mistakes. They will have your best interest in mind when representing you, ensuring you acquire the ideal commercial land for sale with the best terms.
Why Commercial Land For Sale in Columbus, Ohio is the Smart Choice:
Are you looking for commercial land to buy in Ohio but can’t decide on a specific location? You may want to buy commercial land for sale in Columbus, Ohio! Because of the incredible economic growth over the last few years, Columbus is one of the most sought-after locations to buy commercial land for sale. Did you know that 47 percent of North America’s population is situated within a 500-mile radius of Columbus, Ohio? That’s why many companies are taking advantage of the opportunity to buy land in the Columbus region.
- For example, the Denver-based data center provider, Cologix began building its fourth data center (40MW, named COL4) on a plot of land in Columbus Ohio, 300 yards away from its 30MW campus named COL3. Colgix launched COL3, its third data center in Columbus, Ohio in 2018. Cologix originally started with a single 5-acre facility in 2013, and acquired 2.7 acres of adjacent land in 2014 to strengthen its presence in the city.
- Biotech company, Amgen, recently announced plans to build a new, advanced $365 million assembly and packaging plant near Columbus, Ohio. The new greenfield facility will assemble and package vials and syringes for Amgen’s medicines. The site is expected to be operational by 2024 and employ 400 people.
- Boston-area industry-leading gene therapy company, Sarepta Therapeutics Inc., also chose to develop on commercial land in Columbus, Ohio. The leader in precision genetic medicine for rare diseases celebrated its grand opening in October 2021 of the Genetic Therapies Center of Excellence (GTCOE). This 85,000 square foot space will house its new state-of-the-art research facility in Columbus, Ohio.
- Cloud database management company MongoDB has chosen Central Ohio to build an administrative hub that would employ about 285 people.
- Fintech company Upstart uses artificial intelligence to assist partner banks with consumer loans, to have the capability of approving a larger percentage of applications. Upstart opened its doors in 2019.
- And, don’t forget about Facebook breaking ground in 2017 to build their new data center facility in New Albany, which has been online since finishing its first critical construction phase in 2020. (Okay, so we can’t technically claim it as ours, but Facebook is our neighbor within the greater Columbus region.) Sitting on 345 acres, the facility was built in two phases, each about 450,000 square feet. Including an administration building, the facility measures just under 1 million square feet in total. Facebook anticipates its New Albany data center to be one of the most advanced and energy-efficient data centers in the world (it’s powered with 100% renewable energy). Building work is still ongoing and expected to open in 2022.
These businesses illustrate only a handful of the many outstanding commercial real estate development projects in the Columbus region. So, that begs the question: Why wouldn’t you want to buy land for sale in Columbus, Ohio?
Ready to Buy Land in Ohio?
For over 80 years, The Robert Weiler Company has worked hard at redefining the meaning of service. To us, “service” is more than a word – it’s a drive to give our customers the information they need when they need it. Any one of our talented and dedicated land brokers is eager to help you realize your dreams of owning commercial land for sale in Columbus, Ohio. We look forward to placing the first shovels in the ground and cutting that ribbon! Call us at 614-221-4286 or fill out our “contact” form today so that we can help you find the most suitable commercial land for sale in Columbus, Ohio or throughout Central Ohio.