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Buy commercial land that is used for business activities. It also refers to land used to generate a profit. It is appraised differently than residential real estate. Whereas residential real estate will generally appreciate annually at a given rate, commercial land value can fluctuate wildly depending on its location and what other businesses are located, or are going to be located nearby.
Commercial land can be any plot or subdivided area of land used for commercial purposes. “Commercial” means the land is used for businesses, manufacturing plants, warehouses, parking lots and even profit-generating residences. Apartment complexes are considered commercial land as it is land used to make money.
When considering buying land for commercial interests, first determine the zoning for the land and whether a change in the zoning is possible. If not, then this could be a good indication why the land is vacant – no one is able to build either a business near the homes or a home near the highway.
Some land can be mixed-use real estate which is a combination of commercial, residential and agricultural. This is known as residential property with a small business located on the property can be deemed mixed use. A home office or kitchen-table business are unlikely to be classified as mixed use because there are not likely to be many customers visiting the premises. Farms with leased property to businesses are also considered mixed use.
Multifamily land can be either commercial or residential land depending on local zoning ordinances. As already mentioned, apartment buildings can be such property. Other examples are tenant home developments and resort or vacation rental property. Any land use intended for profit-generating enterprises can be deemed commercial.