Hyde Park is popularly known as one of the best places to live in Cincinnati and Ohio at large. However, does its local real estate market hold the same promise for investors? Is Hyde Park in Cincinnati a good place for commercial real estate investment?
Is Hyde Park in Cincinnati Ohio a Good Place to Buy Commercial Real Estate?
Yes, Hyde Park in Cincinnati, Ohio is a good place to buy commercial real estate because of its culture, job opportunities, and transportation. Whether you’re looking to buy and hold properties to lease out or simply ‘fix and flip,’ the location offers numerous opportunities for investors to purchase real assets and make a profit.
Hyde Park is considered one of Ohio’s best neighborhoods to live and work in. With a booming economy consisting of small privately-owned businesses and a few large companies, the demand for commercial properties in this location constantly rises.
Why Hyde Park in Cincinnati Ohio Is a Good Place to Buy Commercial Real Estate
Several factors, such as population, work opportunities, security, and accessibility, make a location great for commercial property investment. Not only do these factors affect the purchase and performance of a property after it is bought, they also play a role in how easily it can be sold or liquidated.
This makes them essential considerations for investors looking to buy properties in a particular area. So, let’s look at how these factors play out in this location.
As of 2020, the population was 14,193, reflecting a 6.3% increase from 2010’s 13,356. This is undoubtedly an impressive growth rate for a neighborhood this size, making it safe to predict that the population growth rate will increase in the coming years.
With population growth comes an increase in the demand for different types of properties, including commercial properties. Whether you’re a young professional or a family person wanting to retire, there’s an opportunity for you to invest in commercial property.
With a median age of 35 years and a working population consisting primarily of white-collar workers, this location’s demand for commercial properties, such as office spaces and industrial properties, ranks high. This makes the neighborhood a great place to buy commercial properties for leasing.
Accessibility and Transport
Accessibility is yet another factor that determines the performance of commercial properties in a given location. Located about 5 miles northeast of Cincinnati, this area falls within the borders of Hamilton County, the largest county in Ohio.
This area is also surrounded by several neighborhoods, including:
- East Walnut Hills
- Evanston, and
It is also located along a Go-Metro bus route, which implies that in addition to rail and air accessibility, it is accessible by road too.
Furthermore, Hyde Park has an average commute time of only 22 minutes, which connotes that its residents have access to reliable transportation and can quickly commute from one place to another. These make residents more willing to rent commercial spaces, making the commercial real estate market within the area boom.
No one wants to work or live in an environment where they don’t feel safe, which is why security is another major consideration before purchasing a commercial property. Hyde Park is top of Cincinnati’s list of safest neighborhoods, with a crime rate 60% less than the national average.
This level of security ensures that your investments are less prone to harm and allows you to spend less on security levies. However, even more important, it makes tenants feel safe enough to rent commercial spaces to work, thus ensuring higher asset performance for commercial properties.
Tips on Buying Commercial Properties in Hyde Park in Cincinnati Ohio
Investing in commercial properties is not a walk in the park, especially when considering a new location or a booming market. So, if you’re looking to purchase a commercial property in Hyde Park, here are some tips you should keep in mind to ensure you make the right investment choices.
Identify Your Options
Commercial properties come in different types and classes, and the first step to purchasing is to determine what property type and class you want to invest in. While making this decision, you should consider factors such as:
- Your budget
- Your preferred location, and
- Your current portfolio diversification.
Finance is everything when it comes to properties. Therefore, before you begin searching for a commercial property, you must first draft a realistic budget covering major costs, such as:
- Purchase costs
- Closing costs
- Renovation and repairs
- Operating costs.
Hire a Real Estate Brokerage
It’s always advisable to hire a real estate brokerage firm to assist you with the complexities of transactions. Contact Si Vales Valeo Real Estate if you want to purchase commercial property in Hyde Park. We can help you with the following:
- Market analysis
- Research and identification of investment opportunities
- Due diligence
- Contract negotiations
- Identification of potential risks
What Commercial Property Is Best to Purchase in Hyde Park?
Generally, the best commercial properties to purchase in Hyde Park include multifamily apartments, office spaces, mixed-use buildings, industrial properties, and self-storage facilities. However, your choice of commercial property should be based on certain factors such as your budget, current portfolio diversification, risk appetite, and intended use.
Is Hyde Park Cincinnati a Good Place to Live?
Yes, Hyde Park, Cincinnati, is an excellent place to live. This neighbourhood has a low cost of living, is very safe, has nice modern amenities, and has a generally welcoming culture. This neighborhood also has several great schools and playgrounds, making it a great place to raise a family.
What Is Hyde Park Cincinnati Popular For?
Hyde Park, Cincinnati, is popular for the Kilgour Fountain, named after Charles Kilgour. It is also popular for its quaint homes, art galleries, specialty shops, and top restaurants.
Given the crucial role that location plays in the performance of any property, it is an essential consideration for all investors. Given the several factors that culminate to make Hyde Park, Cincinnati, Ohio, a good one, it is a good place to buy commercial real estate.