What is the difference between retail and commercial property?

What is commercial retail property?

Commercial property includes office buildings, medical centers, hotels, malls, retail stores, multifamily housing buildings, farm land, warehouses, and garages. In many states, residential property containing more than a certain number of units qualifies as commercial property for borrowing and tax purposes.

What is retail property?

Retail property types are properties used to market and sell consumer goods and services. This category includes single tenant retail buildings, small neighborhood shopping centers, larger centers with grocery store anchor tenants, and “power centers” with large anchor stores.

What all comes under commercial property?

Commercial property refers to immovable property used for industry. Commercial property typically refers to a building that house businesses, land that is intended to make a profit, and larger residential rental properties.

Can you use retail space as office?

Commercial retail and commercial office spaces are technically two different categories, which may have different zoning requirements or use allowances. That said, using part or all of a retail space as an office is a simple adaptation.

What are the types of commercial?

The 8 Types of Commercial Real Estate

  • Multifamily.
  • Office.
  • Industrial.
  • Retail.
  • Hotels / Hospitality.
  • Mixed Use.
  • Land.
  • Special Purpose.

What does retail include?

Retail businesses sell finished goods to consumers in exchange for money. … Retail businesses can include grocery, drug, department and convenient stores. Service related businesses such as beauty salons and rental places are also considered retail businesses.

THIS IS IMPORTANT:  Do you have to pay capital gains if you sell your house before 2 years?

What is a retail building definition?

Retail Property means Real Property that is used primarily as a retail shopping center, which may include ancillary uses such as office, medical and restaurant uses.

What are the types of commercial building?

Types of commercial buildings

  • Office buildings. Office buildings are a common type of commercial building that can be found in cities and even towns of any size, depending on the needs of the community. …
  • Restaurants. …
  • Retail. …
  • Hotels. …
  • Warehouses. …
  • Industrial. …
  • Healthcare. …
  • Multi-use.

How much is property tax for commercial property?

The commercial property tax rate the report uses is an amount per $1,000 of a property’s assessment value. In 2018, the average commercial property tax rate was $24.21 per $1,000 of property value.