As a first-time investor in Long Island real-estate it can be difficult to decide which type of property you would like to invest in. Buying commercial property in the right location can yield significant returns, but the initial cost may be too great. Residential properties might not be as profitable as commercial properties, but they do have their perks for the right investor (more personable, community-driven individuals). If you're undecided about which type of property you would like to acquire, or if you are exploring options on how to invest in both commercial and residential then you may want to check out a mixed use property.

Making the Most of a Mixed Use Property

What is a Mixed Use Property?

A mixed use property is a piece of property (such as a single building) that features both residential space and commercial, cultural or industrial space. Basically, a mixed use property gives you the best of both worlds without you having to pay for both. As a first-time investor, such a space will afford you the luxury to experiment and discover which kind of property you would like to devote your money and time to. Listed below are some examples of what you may be able to do with a mixed use property development.

1. The Good Samaritan

Stapleton International Airport: Denver, Colorado

Mixed use properties and mixed use developments are renowned by urban development professionals as both a driving force for economic development and an essential component to providing affordable housing in urban, semi-urban and suburban communities. As a private investor, you will be able to help shape your community through the properties you acquire. In Denver, Colorado, Forest City Enterprises has set out to repurpose the Stapleton International Airport into a new community with thousands of homes, jobs and more than 1,100 acres of parks and open space. While you may not have the same financial reserves as a major corporation, your ability to transform a mixed use property into a driving economic force for your community is restricted only by your imagination. Whether it's a new community center, a restaurant or a cultural hub it's always okay to dream.

2. The Deal-Seeker

Mixed Use Property in Bayville, NY

If you're not looking to get into community development there are still ways for you to get significant returns from your mixed use property. Like any piece of Long Island real estate, you want to make sure your property is situated in an ideal location. On Long Island, that typically means as close to the beach as possible. Not only will you benefit from the endless traffic and beach goers, you'll have a residential space that is in the kind of location that you would vacation in. Our island has access to miles upon miles of beaches; be sure to make the most of them.

A mixed use property can do a world of good for both the community and the investor. All it needs is the right person, the right location and a vision of what could be. Check out our checklist for financing a mixed use property below.