Troy, Michigan, is a prime location for investing in Commercial Real Estate, offering a strong business presence, particularly in the automotive and financial sectors. Commercial Real Estate in Troy represents a diverse range of investments, from office spaces to retail centers, each with its unique benefits and opportunities. With a median household income above the national average, Troy's economy is driven by major companies such as Altair Engineering, Behr America, Flagstar Bank, and Inteva Products, making it an attractive location for businesses and investors alike. The city's infrastructure, including Oakland-Troy Airport and Interstate 75, provides easy access to other areas, while its educational institutions, such as Walsh College and University of Phoenix, offer a skilled workforce. Additionally, Troy's amenities, including the Troy Historic Village and Somerset Collection mall, make it an appealing place to live and work, further solidifying its position as a great place for business and travel.
With 56 Commercial Real Estate listings available in Troy, investors have a wide range of options to choose from. The average price per square foot is $229 USD, with an average size of 32,890 square feet and a largest size of 128,838 square feet. The average cap rate is 6.85%. In addition to Commercial Real Estate, Troy also offers Industrial Properties, such as those near the Oakland-Troy Airport, which provide easy access to transportation routes. Apartment Buildings, like those near the Somerset Collection mall, offer a convenient location for residents. Office Properties, such as those in the commercial districts, provide a professional environment for businesses. Hotels, like those near Interstate 75, cater to travelers and tourists. With its diverse economy and amenities, Troy is an attractive location for investors and businesses alike.
What financing options are available for purchasing commercial real estate?
When it comes to financing options for purchasing commercial real estate in Troy, Michigan, buyers have several choices to consider, including:
- Traditional commercial mortgages offered by banks and credit unions, which typically require a 20-30% down payment and offer fixed or adjustable interest rates;
- Small Business Administration (SBA) loans, which provide financing for small businesses and startups, with more favorable terms and lower down payments;
- Alternative lenders and private money lenders, which offer more flexible terms and faster approval processes, but often at higher interest rates.
How do cap rates factor into commercial real estate purchases?
When considering commercial real estate purchases in Troy, Michigan, understanding cap rates is crucial. The average cap rate in Troy is 6.85%, which can help investors determine the potential return on investment for a property, making it a vital factor in their purchasing decisions; to learn more about cap rates, check out our article on what is a cap rate.
With 56 available listings of commercial real estate in Troy, investors have a range of options to choose from, including properties with varying cap rates. By factoring in the cap rate, investors can make informed decisions about which properties are likely to generate the highest returns, taking into account the average price per square foot of $229 USD and average size of 32,890 square feet.
What is considered a commercial property?
In Troy, Michigan, a commercial property is typically defined as a building or land used for business or commercial purposes, such as office spaces, retail stores, restaurants, warehouses, and more. With 56 available listings of commercial real estate in Troy, investors and business owners have a range of options to choose from, with average prices per square foot at $229 USD, and average sizes ranging from 32,890 square feet to 128,838 square feet, offering opportunities for businesses of all sizes.
