There are many ways to identify possible projects or properties that are for sale or could be for sale. FYI: Commercial real estate isn’t at all like residential. There is no central listing service like the MLS. The best option is literally to get in the car and drive around Opportunity Zones. Look for for sale and for lease signs on banners, in windows, and ask around. We are looking for properties that are in really rough condition. Here are our favorite methods for identifying investment properties.
Ok, you have identified a property that is located in an Opportunity Zone and appears to be a fit with either new construction or substantial rehabilitation….Now what?
Here’s the fun part! Your job is to envision the future, get it on paper, communicate it, work on those leadership skills, network, perseverate, dream, and will it to happen. If you build it they…. might come. It’s a field of real estate dreams out there start dreaming about what could be.
Project Fit / Social Impact Review:
- Is this a project that the community could support? Could you envision community members volunteering their time to get investors to see this project happen? Can you think of people who would want to work on a Community Impact Advisory Board? Is this a transformational project?
- If out state, are there local partners, developers, builders, property managers, including a local supplier base and vendor businesses that can ensure the projects success?
- Does the project fit with MN-OZA’s requirement to own and operate the real estate for 10 years? Does the project have a local impact and create attainable housing, support companies, non-profit organizations or local independent small businesses?
Resources for Developers and Agents
Links to Hennepin and Ramsey County Property Maps.
Here are some great resources to learn more about commercial real estate.
City Council Person for Area