Me too!!!! Mixed use properties gives you great activity and exposure. Main Street Mixed use such as short term residential (Airbnb) and commercial bottom (cafe, dance studio) works great for me. I also like 2 and 2. It’s the magic number!!!!
Can a mixed use property (cmx-2) in Philadelphia be used entirely as a multifamily (4 units +) apartment building? Or a change in zoning is required for that
A change in zoning most likely is required for the commercial portion which is usually the first floor. Mixed-use is not usually interchangeable between the units.
Yes, mixed-use properties are commercial assets even when you can get a residential loan on them. The appraisal is up to the lender though and they will assign based on how it is configured, but will definitely use commercial appraisal tactics, not residential.
This is a great question, thank you for asking it. You can use an FHA or owner-occupied loan to buy a mixed-use commercial property if the residential portion of the building is more than 50% of the square footage. We just closed one for a seller on a laundromat and 2 units where the buyer used FHA to close because more square footage was in the residential portion.
Quick inquiry as I’m not entirely sure how the owner profits from the commercial property that is the forefront of the mixed property. Does the business pay rent directly to the owner monthly or yearly ?
They own the whole building so they profit off any commercial or residential units. It's the same as a residential lease except to a business. Usually longer leases with modifications.
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Me too!!!! Mixed use properties gives you great activity and exposure. Main Street Mixed use such as short term residential (Airbnb) and commercial bottom (cafe, dance studio) works great for me. I also like 2 and 2. It’s the magic number!!!!
Yaaasss. I love STR in the residential of these for scale too.
Can a mixed use property (cmx-2) in Philadelphia be used entirely as a multifamily (4 units +) apartment building? Or a change in zoning is required for that
A change in zoning most likely is required for the commercial portion which is usually the first floor. Mixed-use is not usually interchangeable between the units.
@@JonathanGreeneRE Thank you!
Hello, New to all of this, should a mixed use property residential/commercial be appraised by a commercial appraisor for an accurate evaluation?
Yes, mixed-use properties are commercial assets even when you can get a residential loan on them. The appraisal is up to the lender though and they will assign based on how it is configured, but will definitely use commercial appraisal tactics, not residential.
@@JonathanGreeneRE thank you for the quick response.
Anytime, thanks for watching.
What if we wanted to buy it to live in and run a donut shop? How hard is it to get a loan for something like this?
This is a great question, thank you for asking it. You can use an FHA or owner-occupied loan to buy a mixed-use commercial property if the residential portion of the building is more than 50% of the square footage. We just closed one for a seller on a laundromat and 2 units where the buyer used FHA to close because more square footage was in the residential portion.
Quick inquiry as I’m not entirely sure how the owner profits from the commercial property that is the forefront of the mixed property.
Does the business pay rent directly to the owner monthly or yearly ?
They own the whole building so they profit off any commercial or residential units. It's the same as a residential lease except to a business. Usually longer leases with modifications.