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Buyer's Guide

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Commercial Property Buyer’s Guide

Buying commercial real estate is very different from buying a home. Each property type has its own risks, opportunities, financing requirements, inspections, zoning issues, lease considerations, and long-term investment strategy. Our job is to guide you step by step, protect your best interest, help you understand the numbers, and make sure you are not buying a property blindly.
From the first property search to closing day, we help you evaluate the property, negotiate the terms, coordinate due diligence, review market data, communicate with lenders, work with title companies, organize inspections, and help you understand whether the property truly fits your goals. We do not just open doors. We help you think like an investor.

Buying Process

1
Buyer Consultation
2
Property Search and Market Review
3
Financial Review
4
Offer Strategy & Negotiation
5
Due Diligence Period
6
Financing, Appraisal, & Closing

Buyer Consultation

Before we begin searching, we take time to understand your goals.

  • What type of property are you looking for?
  • Are you buying for your business or as an investment?
  • What is your budget?
  • Are you paying cash or using financing?
  • What return are you expecting?
  • Do you need income-producing tenants?
  • Do you want a turnkey property or are you open to renovation?
  • What location, visibility, access, and zoning do you need?
  • What is your timeline?
  • What level of risk are you comfortable with?

This first step helps us avoid wasting your time and keeps the search focused on properties that truly match your needs.

Property Search and Market Review

Once we understand your goals, we begin identifying opportunities.

  • On-market listings

  • Off-market opportunities

  • Broker-to-broker outreach

  • Owner outreach when appropriate

  • Comparable sales review

  • Lease rate research

  • Market demand analysis

  • Location and traffic review

  • Zoning and use compatibility

  • Property history review

  • Price history review

  • Competition analysis

Our goal is not just to find what is available. Our goal is to help you understand what is worth pursuing.

 

Financial Review

Before making an offer, we help you analyze whether the property makes financial sense.

  • Purchase price

  • Estimated down payment

  • Loan assumptions

  • Interest rate sensitivity

  • Property taxes

  • Insurance

  • Utilities

  • Maintenance

  • Repairs

  • Tenant income

  • Vacancy risk

  • Net operating income

  • Cap rate

  • Cash-on-cash return

  • Debt service coverage

  • Future resale potential

  • Renovation costs

  • Market rent potential

A property can look attractive online, but the numbers must support the decision.

Offer Strategy & Negotiation

Once you find the right property, we help structure an offer that protects you.

  • Purchase price

  • Earnest money

  • Inspection period

  • Financing contingency

  • Appraisal contingency

  • Environmental contingency

  • Survey review

  • Title review

  • Zoning/use contingency

  • Due diligence document request

  • Closing timeline

  • Seller credits or repairs

  • Personal property or equipment included

  • Tenant lease review requirements

  • Assignment rights when applicable

We negotiate with your long-term protection in mind, not just getting a contract signed.

Due Diligence Period

This is one of the most important parts of buying commercial real estate.

During due diligence, we help you review the property from every angle so you can make an informed decision before your contingency deadlines expire.

  • Physical condition

  • Financial condition

  • Legal/title condition

  • Environmental risk

  • Zoning compliance

  • Lease obligations

  • Survey issues

  • Utility access

  • Insurance concerns

  • Renovation feasibility

  • Financing approval

  • Long-term investment risk

This is where we slow down, ask questions, request documents, and make sure you know exactly what you are buying.

Financing, Appraisal, & Closing

As closing approaches, we help coordinate the remaining steps.

  • Lender communication

  • Appraisal coordination

  • Insurance quotes

  • Title commitment review

  • Survey review

  • Inspection follow-up

  • Final walkthrough

  • Closing statement review

  • Utility transfer

  • Tenant communication when applicable

  • Possession details

  • Closing coordination

We stay involved until the transaction is complete and help make the process as smooth as possible.

Land can be one of the most rewarding commercial investments, but it also carries some of the highest due diligence risk because what you can do with the land matters more than what it looks like.

What to Expect

When buying land, the biggest question is not just “Do I like this location?” The real question is, “Can I legally and financially do what I want to do here?” We help buyers evaluate zoning, utilities, access, topography, environmental concerns, development costs, municipal requirements, and future growth potential. Land requires patience, research, and careful planning. Our role is to help you identify hidden risks before you spend money on engineering, design, or closing.

Steps for Buying Land

  • Define intended use

  • Confirm zoning

  • Review future land use plans

  • Determine whether rezoning is needed

  • Review permitted uses

  • Confirm acreage and boundaries

  • Review access points

  • Evaluate road frontage

  • Confirm utility availability

  • Review sewer and water access

  • Determine septic feasibility if needed

  • Review drainage

  • Review floodplain maps

  • Review wetlands

  • Evaluate topography

  • Review soil conditions

  • Estimate site development costs

  • Review municipal requirements

  • Obtain survey

  • Review title and easements

  • Confirm driveway/curb-cut approvals

  • Evaluate surrounding development

  • Review traffic counts

  • Analyze future growth in the area

  • Negotiate adequate due diligence time

Land Due Diligence Checklist

  • Zoning verification letter

  • ALTA or boundary survey

  • Title commitment

  • Easement review

  • Environmental Phase I if appropriate

  • Wetlands review

  • Floodplain review

  • Soil testing

  • Geotechnical report if developing

  • Utility availability letters

  • Sewer capacity confirmation

  • Water availability confirmation

  • Drainage review

  • Access/curb-cut confirmation

  • Traffic study if required

  • Site plan feasibility

  • Engineering review

  • Development cost estimate

  • Municipal meeting with planning/zoning

  • Review of restrictive covenants

  • Review of neighboring uses

  • Review of future road projects

Office properties are highly dependent on location, condition, parking, tenant demand, layout, and operating costs.

What to Expect

Buying an office building requires a careful review of both the physical building and the income potential. Some office buildings are ideal for owner-users, while others are better suited for investors. We help buyers evaluate whether the building layout fits the intended use, whether the mechanical systems are in good condition, whether the tenant leases are strong, and whether the property is priced correctly based on market demand. Office buildings can be excellent long-term assets when the numbers, location, and functionality align.

Steps for Buying Office Property

  • Determine owner-user or investment strategy

  • Evaluate location and accessibility

  • Review parking ratio

  • Review building layout

  • Analyze private offices, conference rooms, restrooms, and common areas

  • Review ADA accessibility

  • Evaluate elevator access if multi-story

  • Review HVAC systems

  • Review roof condition

  • Review tenant leases

  • Review rent roll

  • Analyze vacancy

  • Compare lease rates in the market

  • Evaluate operating expenses

  • Review CAM expenses if applicable

  • Assess deferred maintenance

  • Estimate tenant improvement costs

  • Evaluate signage rights

  • Confirm zoning allows office use

  • Review building code compliance

  • Review financial performance

  • Negotiate inspection and document review period

Office Due Diligence Checklist

  • Rent roll

  • Current leases

  • Lease abstracts

  • Security deposit schedule

  • Operating statements

  • Utility bills

  • Property tax bills

  • Insurance costs

  • HVAC inspection

  • Roof inspection

  • Plumbing inspection

  • Electrical inspection

  • Elevator inspection if applicable

  • Fire/life safety review

  • ADA review

  • Parking review

  • Zoning confirmation

  • Environmental review if needed

  • Title commitment

  • Survey

  • Service contracts

  • Maintenance records

  • Tenant estoppel certificates

  • Appraisal

  • Financing approval

  • Final walkthrough

Retail properties depend heavily on visibility, traffic, access, signage, tenant mix, and consumer demand.

What to Expect

Retail real estate is all about location, exposure, access, and tenant strength. A retail building may look attractive, but we need to evaluate whether customers can easily find it, access it, park, and support the businesses operating there. For investors, we review tenant leases, sales potential, rent strength, and vacancy risk. For owner-users, we evaluate whether the site supports the business model. Our job is to help you understand both the property and the market around it.

Steps for Buying Retail Property

  • Identify target business or investment use

  • Review traffic counts

  • Evaluate visibility

  • Review signage opportunities

  • Confirm parking availability

  • Evaluate ingress and egress

  • Review surrounding retailers

  • Analyze demographics

  • Review tenant mix

  • Review existing leases

  • Review rent roll

  • Analyze market lease rates

  • Review NNN expenses

  • Confirm zoning

  • Evaluate condition of storefronts

  • Review HVAC units

  • Review roof and structure

  • Review ADA access

  • Evaluate delivery access

  • Review trash areas

  • Confirm grease trap or hood if restaurant-related

  • Estimate tenant improvement needs

  • Evaluate vacancy risk

  • Review property taxes and insurance

Retail Due Diligence Checklist

  • Rent roll

  • Tenant leases

  • Lease abstracts

  • Tenant sales reports if available

  • Operating statements

  • CAM reconciliation

  • NNN expense history

  • Property tax bills

  • Insurance bills

  • Utility bills

  • Roof inspection

  • HVAC inspections

  • Electrical inspection

  • Plumbing inspection

  • Parking lot inspection

  • Signage review

  • Zoning confirmation

  • ADA review

  • Environmental Phase I if needed

  • Survey

  • Title commitment

  • Tenant estoppels

  • Service contracts

  • Maintenance records

  • Demographic report

  • Traffic count report

  • Appraisal

  • Financing approva

Industrial properties require close attention to building functionality, clear height, loading, power, zoning, truck access, and environmental risk.

What to Expect

Industrial real estate is highly operational. The building must work for the business. We help buyers evaluate ceiling height, dock doors, drive-in doors, power, floor thickness, truck circulation, outside storage, zoning, and access to major roads. For investors, we review tenant strength, lease terms, and replacement cost. Industrial properties can be very strong investments, but only when the building’s features match market demand.

Steps for Buying Industrial Property

  • Define warehouse, manufacturing, flex, or storage use

  • Confirm zoning

  • Review clear height

  • Review dock doors

  • Review drive-in doors

  • Evaluate truck access

  • Review turning radius

  • Confirm outside storage rights

  • Review power capacity

  • Evaluate floor thickness

  • Review office-to-warehouse ratio

  • Review heating and cooling systems

  • Review sprinkler system

  • Review roof condition

  • Review environmental history

  • Review tenant leases if occupied

  • Review equipment included, if any

  • Analyze market lease rates

  • Review operating expenses

  • Evaluate expansion potential

  • Review access to highways

  • Review parking and trailer storage

  • Negotiate proper inspection period

Industrial Due Diligence Checklist

  • Zoning confirmation

  • Environmental Phase I

  • Phase II if needed

  • ALTA survey

  • Title commitment

  • Roof inspection

  • Structural inspection

  • HVAC inspection

  • Electrical inspection

  • Power capacity verification

  • Plumbing inspection

  • Sprinkler/fire system inspection

  • Dock door inspection

  • Overhead door inspection

  • Floor condition review

  • Drainage review

  • Utility bills

  • Maintenance records

  • Service contracts

  • Rent roll

  • Tenant leases

  • Tenant estoppels

  • Operating statements

  • Property tax bills

  • Insurance costs

  • Equipment list

  • Appraisal

  • Financing approval

Multifamily properties are driven by income, expenses, tenant quality, occupancy, rent growth, and condition of units.

What to Expect

Multifamily investing is about understanding the real income, the real expenses, and the true condition of the property. We help buyers look beyond the advertised cap rate and evaluate leases, collections, vacancy, deferred maintenance, rent upside, utility structure, repairs, and tenant stability. A property may look profitable on paper, but due diligence helps confirm whether the numbers are accurate.

Steps for Buying Multifamily Property

  • Identify unit count and investment goals

  • Review rent roll

  • Review leases

  • Review occupancy history

  • Analyze rent collections

  • Compare current rents to market rents

  • Review operating expenses

  • Evaluate utility responsibility

  • Review property tax history

  • Review insurance costs

  • Inspect units

  • Inspect common areas

  • Review roofs, HVAC, plumbing, and electrical

  • Evaluate deferred maintenance

  • Review code violations

  • Review property management records

  • Evaluate tenant deposits

  • Review eviction history if available

  • Analyze cap rate and cash flow

  • Review financing options

  • Confirm zoning and legal unit count

Multifamily Due Diligence Checklist

  • Rent roll

  • Current leases

  • Security deposit schedule

  • Profit and loss statements

  • Trailing 12-month operating statement

  • Utility bills

  • Property tax bills

  • Insurance bills

  • Maintenance records

  • Capital improvement history

  • Code violation report

  • Unit inspection

  • Roof inspection

  • HVAC inspection

  • Plumbing inspection

  • Electrical inspection

  • Foundation inspection

  • Pest inspection

  • Laundry income records if applicable

  • Service contracts

  • Property management agreement

  • Tenant estoppels if appropriate

  • Zoning confirmation

  • Legal unit count confirmation

  • Title commitment

  • Survey

  • Appraisal

  • Financing approval

Medical office properties require special attention to layout, plumbing, accessibility, parking, compliance, and tenant improvements.

What to Expect

Medical office buildings are more specialized than traditional office buildings. They often require more plumbing, exam rooms, accessibility, patient flow, parking, and expensive tenant improvements. We help buyers evaluate whether the building supports medical use, whether the existing layout can be adapted, and whether the cost of improvements still makes the purchase financially sound.

Steps for Buying Medical Office Property

  • Confirm medical use is allowed

  • Review zoning

  • Evaluate patient parking

  • Review ADA accessibility

  • Review exam room layout

  • Review plumbing needs

  • Evaluate waiting room and reception area

  • Review private office areas

  • Review lab or procedure room potential

  • Evaluate HVAC and ventilation

  • Review electrical capacity

  • Review signage

  • Evaluate ambulance or patient drop-off access if needed

  • Review tenant improvements needed

  • Review medical tenant leases if occupied

  • Analyze market demand

  • Review operating expenses

  • Evaluate compliance concerns

  • Review financing and appraisal requirements

Medical Office Due Diligence Checklist

  • Zoning confirmation

  • ADA review

  • Parking analysis

  • Floor plan review

  • Plumbing inspection

  • Electrical inspection

  • HVAC inspection

  • Roof inspection

  • Fire/life safety review

  • Medical buildout cost estimate

  • Tenant leases

  • Rent roll

  • Operating statements

  • Utility bills

  • Property tax bills

  • Insurance costs

  • Title commitment

  • Survey

  • Environmental review if needed

  • Service contracts

  • Maintenance records

  • Appraisal

  • Financing approval

Restaurant properties require some of the most detailed due diligence because equipment, ventilation, grease traps, plumbing, parking, and code compliance can make or break the deal.

What to Expect

Buying a restaurant property is not just about the dining room. We need to review the kitchen, hood system, fire suppression, grease trap, plumbing, equipment, walk-in coolers, HVAC, seating capacity, parking, drive-thru access if applicable, and health department requirements. If a property is already built out for food service, it may save a buyer significant money, but only if the systems are functional and compliant.

Steps for Buying Restaurant Property

  • Confirm restaurant use is allowed

  • Review zoning

  • Confirm seating capacity

  • Review parking requirements

  • Inspect kitchen layout

  • Review hood system

  • Review fire suppression system

  • Inspect grease trap

  • Review plumbing

  • Review electrical capacity

  • Inspect HVAC

  • Review walk-in coolers/freezers

  • Confirm equipment included

  • Review equipment condition

  • Review health department requirements

  • Review liquor license potential if applicable

  • Evaluate drive-thru if applicable

  • Review signage

  • Review roof and structure

  • Estimate renovation costs

  • Review utility usage

  • Review prior restaurant history

Restaurant Due Diligence Checklist

  • Equipment list

  • Bill of sale for included equipment

  • Hood inspection

  • Fire suppression inspection

  • Grease trap inspection

  • Plumbing inspection

  • Electrical inspection

  • HVAC inspection

  • Roof inspection

  • Walk-in cooler/freezer inspection

  • Pest inspection

  • Health department review

  • Zoning confirmation

  • Parking requirement review

  • Seating capacity confirmation

  • Utility bills

  • Property tax bills

  • Insurance costs

  • Title commitment

  • Survey

  • Environmental review if needed

  • Service contracts

  • Maintenance records

  • Appraisal

  • Financing approval

Mixed-use properties can offer multiple income streams, but they require careful review of zoning, leases, utilities, and separate uses.

What to Expect

Mixed-use properties are attractive because they often combine commercial and residential income. However, they can also be more complicated. We help buyers review whether the commercial and residential uses are legally permitted, whether utilities are separated, whether leases are properly documented, and whether the income supports the purchase. We also review future flexibility, because mixed-use properties often appeal to both investors and owner-users.

Steps for Buying Mixed-Use Property

  • Confirm all uses are legally allowed

  • Review zoning

  • Confirm residential unit legality

  • Review commercial lease

  • Review residential leases

  • Review separate addresses if applicable

  • Confirm separate utilities

  • Review rent roll

  • Analyze income and expenses

  • Inspect commercial space

  • Inspect residential units

  • Review building systems

  • Review parking

  • Review entrances and access

  • Evaluate fire separation

  • Review code compliance

  • Review property tax classification

  • Review insurance requirements

  • Analyze market rents for both uses

  • Review financing options

Mixed-Use Due Diligence Checklist

  • Zoning confirmation

  • Legal unit confirmation

  • Rent roll

  • Commercial leases

  • Residential leases

  • Security deposit schedule

  • Operating statements

  • Utility bills

  • Property tax bills

  • Insurance costs

  • Roof inspection

  • HVAC inspection

  • Plumbing inspection

  • Electrical inspection

  • Fire/life safety review

  • Code compliance review

  • Separate utility confirmation

  • Parking review

  • Title commitment

  • Survey

  • Environmental review if needed

  • Tenant estoppels

  • Appraisal

  • Financing approval

Investment properties require careful review of income, expenses, tenant quality, lease terms, and future upside.

What to Expect

When buying an investment property, the numbers matter. We help buyers review the financials, leases, market rents, tenant strength, expense history, and future value. We do not rely only on the seller’s asking price or advertised returns. We help you verify the income, question the expenses, identify risks, and understand whether the investment fits your goals.

Steps for Buying Investment Property

  • Define investment goals

  • Review target return

  • Analyze property type

  • Review rent roll

  • Review leases

  • Analyze tenant strength

  • Review lease expiration dates

  • Review renewal options

  • Review rent increases

  • Review expense reimbursements

  • Analyze vacancy risk

  • Review operating expenses

  • Calculate NOI

  • Calculate cap rate

  • Calculate cash-on-cash return

  • Review financing assumptions

  • Evaluate future rent upside

  • Review deferred maintenance

  • Review market comparables

  • Review exit strategy

Investment Due Diligence Checklist

  • Rent roll

  • Current leases

  • Lease abstracts

  • Tenant estoppels

  • Security deposit schedule

  • Profit and loss statements

  • Trailing 12-month financials

  • Tax returns if available

  • Utility bills

  • Insurance bills

  • Property tax bills

  • Maintenance records

  • Service contracts

  • Capital improvement history

  • Market rent analysis

  • Vacancy analysis

  • Roof inspection

  • HVAC inspection

  • Plumbing inspection

  • Electrical inspection

  • Environmental review

  • Title commitment

  • Survey

  • Appraisal

  • Financing approval

Special purpose properties include churches, schools, event venues, car washes, hotels, daycare facilities, funeral homes, entertainment venues, and other unique properties.

What to Expect

Special purpose properties require deeper research because they may not easily convert to another use. The buyer must understand zoning, licensing, building layout, equipment, parking, code requirements, and market demand. We help buyers determine whether the existing use is viable, whether a new use is possible, and whether the property’s unique features add value or create limitations.

Steps for Buying Special Purpose Property

  • Define intended use

  • Confirm zoning

  • Review permitted and conditional uses

  • Determine if special approvals are needed

  • Review parking requirements

  • Review building layout

  • Review code compliance

  • Review ADA access

  • Inspect major systems

  • Review equipment included

  • Review licensing requirements

  • Review fire/life safety systems

  • Evaluate conversion costs

  • Review surrounding uses

  • Analyze resale limitations

  • Review financing challenges

  • Review insurance requirements

  • Review environmental risk

  • Evaluate market demand

  • Negotiate adequate due diligence time

Special Purpose Due Diligence Checklist

  • Zoning confirmation

  • Use approval confirmation

  • Conditional use review if needed

  • Building inspection

  • Roof inspection

  • HVAC inspection

  • Plumbing inspection

  • Electrical inspection

  • Fire/life safety inspection

  • ADA review

  • Equipment list

  • Licensing requirements

  • Parking analysis

  • Survey

  • Title commitment

  • Environmental Phase I

  • Utility bills

  • Property tax bills

  • Insurance quotes

  • Renovation estimate

  • Code compliance review

  • Appraisal

  • Financing approval

Hotels, motels, short-term rental properties, and lodging assets require review of operations, income, occupancy, brand requirements, and condition.

What to Expect

Hospitality properties are operating businesses as much as they are real estate. We help buyers review revenue, occupancy, expenses, franchise agreements, management structure, online reputation, deferred maintenance, staffing, and market demand. A hotel may show strong income, but buyers need to understand whether that income is sustainable and what capital improvements may be required.

Steps for Buying Hospitality Property

  • Review property type and business model

  • Analyze occupancy rates

  • Review average daily rate

  • Review revenue per available room

  • Review profit and loss statements

  • Review franchise agreement if applicable

  • Review management agreement

  • Inspect rooms

  • Inspect common areas

  • Review roof and building systems

  • Review parking

  • Review signage

  • Review online reviews

  • Analyze competition

  • Review staffing needs

  • Review licensing requirements

  • Review furniture, fixtures, and equipment

  • Review deferred maintenance

  • Review financing options

  • Review exit strategy

Hospitality Due Diligence Checklist

  • Profit and loss statements

  • Occupancy reports

  • ADR reports

  • RevPAR reports

  • Tax returns if available

  • Franchise agreement

  • Management agreement

  • Employee information if applicable

  • FF&E list

  • Equipment list

  • Room inspection

  • Roof inspection

  • HVAC inspection

  • Plumbing inspection

  • Electrical inspection

  • Fire/life safety inspection

  • Elevator inspection if applicable

  • Pool inspection if applicable

  • Utility bills

  • Property tax bills

  • Insurance costs

  • Licensing review

  • Environmental review

  • Title commitment

  • Survey

  • Appraisal

  • Financing approval

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Our Commitment to Buyers

Commercial real estate requires strategy, patience, research, and strong representation. Every property has a story, and every property has risk. Our job is to help you uncover that story before you commit your money.

At Annie Scott Realty Group LLC with F.C. Tucker Commercial, we guide buyers through each step with experience, market knowledge, strong negotiation, detailed due diligence, and honest communication. We help you ask the right questions, review the right documents, understand the numbers, and protect your best interest from the first conversation to closing day.

We do not believe in pushing buyers into properties. We believe in helping buyers make informed, confident decisions.

Our work is our signature, and our goal is to help you purchase commercial real estate with clarity, confidence, and protection.

Work With Annie

Get assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more. Contact us today.
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Contact Details

Annie Scott Realty Group

Phone

(317) 902-8622

Email

[email protected]

Address

9277 N Meridian St Indianapolis IN 46260

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