A big part of my job is researching industrial properties before I ever talk to the owner. I like to know as much as I can before I make the call so I am not going into the conversation blind. I usually start with the basics like building size, lot size, year built, ownership, zoning, and the history of the property. Those things give me a good starting point and usually lead to a few more questions.
From there I look at how functional the property actually is. Clear height, roll-up doors, yard space, parking, power, access, and office space all matter depending on what type of user would occupy the building. A property can look good on paper but still have something that limits who can realistically use it. Zoning is also something I check early because it can affect what types of businesses are allowed at the property, and the City of Reno has its zoning information available online for properties within the city. City of Reno
The next thing I look at is what is happening around the property. I want to know what similar buildings have sold for, what other properties are currently asking, what rents are being achieved, and how long properties are staying on the market. One comparable is usually not enough to really understand a property. I try to look at several different properties and figure out why one may have sold or leased for more than another.
Doing this research also makes my conversations with owners a lot better. I would much rather call someone already knowing something about their building than just ask if they want to sell. Maybe there was a recent sale nearby, a property just came to market, or something changed that could affect their property. Even if they are not looking to do anything right now, there is still something useful we can talk about.
The more properties I research, the better I understand the Northern Nevada industrial market. It also helps me give owners a more specific answer instead of something broad that may not really apply to their building. If you own an industrial property and want to do some of your own research, the City of Reno Zoning Code is a good place to start, and the City of Reno zoning map can help you see how a property is currently designated. City of Reno Zoning Code City of Reno Zoning Map If there is a property or part of the Northern Nevada market you want me to break down in a future post, send it my way.
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