A mixed-use property can be broadly defined as any piece of property that may be a building, an entire neighborhood, or anything in between that combines residential, commercial, cultural and/or industrial usage and others within a relatively small and dense area.
In recent times, real estate investors are looking to invest in said properties because of the proximity in the community. These people enjoy easy access to a wide range of amenities such as retail stores, gas stations, restaurants, offices, parks, civic facilities, and others. All these combined create a mixed-use property development.
Due to this sense of diversity, single and multifamily housing can create more variety in their design and options. Development within a small area of land is encouraged. The accessibility of the establishments helps to minimize the use of transport thus reduce traffic and pollution. Walking to and from one point to another is then promoted.
As a result, everyone from residential establishments to commercial developers, leasing agents, and tenants benefit from each other. Hotel staff can avail of nearby living spaces. Office employees can enjoy the short distance from their workplace to the restaurants or the gyms. Banks and parks are well within a short reach.
This is the reason why mixed-use developments are often used to revitalize previously underdeveloped areas. Companies produce jobs for locals and, on the other hand, their families become customers for local grocery and retail stores.
Tax revenue from raised property values can then be utilized in making improvements in the development’s infrastructure, which, in the end then stimulates more growth.
If you are interested in becoming a residential or commercial investor, you can take advantage of the benefits of mixed-use investment properties for sale. Our team at Virtuoso Realty Group will gladly lend you a helping hand. Let our real estate agents help you out today!
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