Downtown Property Hot Commodity
2009-07-25 03:29:48Downtown Durant offers a great place to start and grow a business, and owning this property can provide a very nice return on investment. One indicator of a renewed interest in building ownership within the historic downtown can be evidenced through the visual changes.
Some of the most noticeable improvements during the last two years are renovations and restorations at Mickle Law Offices at Fourth and Main, The Main Street Coffee Bar and Roma Italian Restaurant at First and Main, and several buildings on North Second. Each storefront from Main to Evergreen on Second Avenue has undergone cosmetic changes recently.
“Right now is a great time to stake a claim on this hot commodity and invest in property in Downtown Durant,” stated Durant Main Street Program Manager Donna Dow. “I feel at this point in time, we have a very good business mix with outstanding businesses in our Downtown. The owners and employees have demonstrated excellent merchandising techniques, and shoppers continue to visit the original business district.”
“Just this week, I was notified of a 50-foot building for sale on Main Street. We have a couple of others that are for sale. Also this week, we had one proud new owner close on another 50-foot storefront. People are eager to join the activity and energy, and we are grateful for their excitement.”
At this time, businesses continue to operate in the buildings for sale. The owners are not anxious to abandon Downtown, they are just encountering specific points in which the sale of their buildings makes sense for them. One retail business is already being recruited for one of the larger storefronts on the market.
Dow commented, “We feel it is critical to keep some sort of retail business in our larger spaces, and our organization is committed to helping ensure we attract both property owners and business owners that agree with these thoughts. We are not concerned whether the property owner also runs the business, but we do hope to see it utilized for a retail purpose.”
Durant Main Street works with the City of Durant and other partners to create an atmosphere that allows businesses to thrive. The new sidewalks constructed by the City throughout Downtown Durant have led the way to create an attractive “look” for the district.
“Downtown Durant has a new streetscape with new sidewalks and handicap accessibility. This has helped breathe new life into downtown. People who haven’t shopped downtown in years are coming back…. We have been in business for over 30 years, and business is stronger than ever,” shared Annette Armstrong, co-owner of Marie’s.
A customer agreed. “This is the best this corner (Plaza area at First and Main) has looked in my lifetime. In fact, Main Street looks the best also.” Other good news is coming as a new loft apartment will soon be available, and the opening of the Roadhouse will occur later this summer. Two other businesses are set to open in August.
Various sizes of buildings can be found at this time in various locations for sale or lease. Some could best be utilized as office space, while others would make fine places for service or retail.
The business climate is good. Owners are using social networking tools like Facebook to post photos of new merchandise arrivals. These items are being sold as quickly as they come in the door. Businesses that provide services have posted openings online and this keeps customers aware of them and what’s going on.
The “ANALYSIS OF RETAIL TRENDS AND TAXABLE SALES FOR
DURANT, OKLAHOMA AND BRYAN COUNTY” prepared for the Durant Industrial Authority by the OSU Extension Service states retail activity reflects the general health of a local economy. Durant continues to experience an increase in sales tax returns. The city is capturing a number of shoppers that is equal to 1.858 times its own population. The typical downtown or “Main Street” merchants have a strong gap coefficient of 1.231.
With interest rates still very competitive, it's a great time for business owners to buy commercial property according to Inc. Magazine who reports commercial property prices to be softening. This is good news for entrepreneurs looking to buy real estate or sign a new lease. In their Inc. Readers Weigh-In Service, more than 1 out of 5 business owners are considering buying property because of the weakening real estate market.
Some downtown buildings have sold for somewhere around $36 per square foot, and that is less than half the price for new construction. Tax credits (both state and federal) can be obtained for rehabilitation of property. Durant Main Street works with local banks to offer low interest loans, and a Façade Improvement Program offers limited assistance for enhancements.
A list of unoccupied buildings can be viewed online at www.durantmainstreet.org. More information can be obtained by e-mailing ddow@durantmainstreet.org or calling 580-924-1550. The interested party will be referred to the appropriate contact person.
Retailer's Dream:
Right now in downtown Durant, Oklahoma, a 9,600 sq. ft. building a waits the right retail merchant. Here are a few very attractive features of the property.
· It is located near an award winning restaurant that generates excellent customer traffic.
· The property is priced at less than half of what a new building would cost to build.
· All mechanicals are in good working order and the roof is just 8 years old.
· Utility costs average $350 / month.
· 2 foot fire wall on both sides.
· Perhaps the greatest advantage is being located in downtown Durant. Since 1997, private reinvestment in commercial buildings has averaged $63.4 thousand per month keeping downtown’s commercial best face showing. Over this period, a commercial building has changed ownership about every two months.
· The upper floor would be a great place for an office or a residential loft producing income for the owner.
The property has been the home of a 30 year old successful business whose ownership has decided to relax and direct their attention elsewhere. They have the property priced right at $350,000 but want to wait for the right retail buyer. Does anyone hear opportunity knocking?