Located northeast of downtown Cincinnati, Walnut Hills is one of Ohio’s best places to live. It is home to various historic and cultural assets, and the residents are warm and welcoming. Considering all these, is Walnut Hills in Cincinnati Ohio, a great spot for commercial real estate purchases?
Is Walnut Hills in Cincinnati Ohio a Good Place to Buy Commercial Real Estate?
Yes, Walnut Hills in Cincinnati Ohio is a good place to buy commercial real estate because of its superb social amenities, quality transportation, and high traffic volume. The highest-performing commercial properties in this neighborhood are office buildings, shops, multipurpose buildings, multifamily apartments, and a few industrial buildings.
Since its establishment in 1804, this area has become one of the most diverse neighborhoods in Cincinnati regarding culture, ethnicity, religion, and socio-economy. Recently, many developmental projects have commenced, with new businesses being established and many existing buildings seeing some restoration work being done. The neighborhood is generally seeing infrastructure and economic development.
What Makes the Area a Good Place to Buy Commercial Real Estate?
If you are looking to purchase commercial assets in this neighborhood, there are certain things you should look out for to ensure the optimal performance of your property. Let’s look at the factors that make the neighborhood a great place to invest:
Traffic Volume
Traffic volume is a major factor affecting commercial property’s value, especially retail properties such as shops, restaurants, and supermarkets. Typically, the higher the traffic volume in a particular environment, the higher the visibility of the commercial properties, ultimately leading to an increase in value or sales price.
Thanks to the two-way street conversion project in this area in recent years, roads like East McMillan Street and William Howard Taft Road have been converted into two-way, thus increasing the traffic volume on these roads and others connected.
Social Amenities
Social amenities are another factor affecting the value and performance of commercial buildings in any location. Firstly, the more social amenities available in a place, the higher the number of residential properties that will spring up in the neighborhood. In effect, this increases the number of potential tenants or customers for commercial properties and businesses.
Secondly, when visiting social amenities such as schools, healthcare facilities, and recreational centers, people are also likely to visit the commercial properties in the area. It is, therefore, safe to say that social amenities increase the visibility of commercial properties in an area.
This area also offers many entertainment centers to its residents, the most notable of which are:
- The Harriet Beecher Stowe House
- The Cincinnati Art Museum
- Cincinnati Playhouse in the Park
- Krohn Conservatory
- Seasongood Pavilion
- Melrose YMCA, and
- The Bush Recreation Center
Transportation and Accessibility
The accessibility of a commercial property to a transport station, the quality of transport, and the cost of transportation in that location affect the property’s demand, supply, and value.
Dana Avenue and McMillan Avenue in this area have direct access to the 1-71 interstate highway. The site is also served by Queen City Metro buses on a structured schedule. With an average commute time of fewer than 23 minutes, neighborhood residents find it easy to move around.
In addition, the area is less than a 10-minute drive from the University of Cincinnati. The university neighborhoods of Coreyville, The Heights, Batavia, and Blue Ash also surround it.
What Are Tips on Buying Commercial Properties in Walnut Hills?
You should only embark on commercial asset investment after fully knowing what you are doing. So, here are some tips you should keep in mind when buying commercial properties in this Cincinnati area.
Identify Your Options
The first step in buying a commercial property is to choose the type and class of property you want to invest in. Commercial properties come in many different types. In this neighborhood, the most common commercial property types you should consider purchasing are office buildings, retail stores, multifamily, and industrial buildings.
When choosing a commercial property, consider the price, condition, street location, and, most importantly, your portfolio diversification.
Secure Financing
When it comes to real estate, finance is everything. So, before you begin searching for a commercial property, you need first to draft a realistic budget that covers major investment costs, such as:
- Purchasing costs
- Closing costs
- Renovation and repairs
- Contingencies
- Permits
- Operating costs.
Hire a Real Estate Brokerage
Commercial assets transactions can be very complex and difficult to handle, which is why it is very advisable to hire the assistance of a real estate brokerage. Contact Si Vales Valeo Real Estate if you want to purchase commercial property in this Cincinnati neighborhood. We can help you with the following:
- Market analysis
- Research and identification of investment opportunities
- Due diligence
- Contract negotiations
- Identification of potential risks
- Closing
Related Questions
Is Walnut Hills, Cincinnati a Good Place to Own a Business?
Yes, Walnut Hill is a good place to own a business. This neighborhood is ranked as one of the best places to live in Ohio, meaning the quality of life is quite high. Therefore, most residents can afford to patronize small and medium-scale businesses, such as restaurants, bars, theaters, and shops.
How Do I Purchase Commercial Real Estate in Walnut Hills?
The first step to purchasing commercial property in the neighborhood is to consider your options and choose the best. Next, you should create a budget and begin your search. You can also follow the tips in the article to ensure you make everything suitable while investing in commercial property.
What Are the Most Common Commercial Properties in This Cincinnati Neighborhood?
Depending on the part of the neighborhood, some of the most popular commercial properties in this area are office buildings, multifamily apartments, retail, industrial spaces, and multipurpose buildings. This is because most neighborhood residents are young professionals who work white-collar jobs or run small, independent businesses.
Conclusion
Walnut Hills in Cincinnati, Ohio, is an excellent place to purchase commercial properties. Location plays a significant role in the performance of any commercial property and is, therefore, an essential consideration for all investors. Contact Si Vales Valeo Real Estate for all commercial building transactions within this Cincinnati, Ohio, neighborhood.
