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Some of the best opportunities are the ones people walk right past. Everyone loves a polished, move-in-ready space. It’s easy to picture your business there because someone else has already done the hard work. The problem is that everyone else sees the same thing.
I’ve always believed I’d rather have the ugliest building on a great block than the nicest building in the wrong location.
You can renovate a property. You can’t recreate a neighborhood.
I represented a restaurant space on Broadway and 106th Street that had been there for decades. The neighborhood was thriving. Columbia University was just up the street, there was consistent foot traffic, and the customer base was already there. The space itself was another story. It was outdated, dark, and needed a complete renovation.
Most people couldn’t see past what was in front of them. That’s where my job goes beyond simply marketing a listing. I created renderings to help prospective tenants visualize what the space could become. Instead of selling the property as it was, we focused on the opportunity it represented.
We eventually found a restaurant operator with a vision for a unique ramen concept. They invested in a full gut renovation that took several months, transforming a tired space into a destination that fit both the neighborhood and their business.
That’s why I encourage clients not to judge a property by how it looks on day one.
An older space often creates room to negotiate. You may be able to secure a better lease, tenant improvement allowances, rent concessions, or other terms that simply aren’t available with a turnkey property.
Of course, that only works if you have the capital and patience to renovate. Not every business does, and that’s okay.
But if you do, don’t dismiss the diamond in the rough too quickly.
Sometimes the property that needs the most work ends up creating the most value.
Thoughts about this? I’d love to hear from you!
xoxo,
Cyn
