Buying Commercial Land in Hamblen County

Hi, I'm Sarah Richards with Spring Mountain Realty, and welcome to the podcast. I've been handling commercial real estate for more than twenty three years, and today we're talking about buying commercial land in Hamblen County.

Hamblen County, with Morristown at its heart, is a great place for business. It sits right near Interstate eighty one, it's not far from Interstate forty, and it has major roads like eleven E and twenty five E running through it. Morristown has a strong industrial base, a lot of manufacturing, and a growing number of shops and restaurants. So it's no surprise that people are looking for land here to build on.

But buying commercial land is very different from buying a home. So let's go over what you need to know before you sign anything.

Number one... zoning. This is the first thing I look at, every time. Zoning tells you what you're allowed to build on the land. Is it zoned for retail? For offices? For industrial use? Or is it still zoned for homes or farming? If the land isn't zoned for what you want, you may be able to ask for a rezoning, but that takes time, and it isn't guaranteed. Always check with the city of Morristown, or with Hamblen County, depending on where the land is.

Number two... utilities. Is there water and sewer at the site? Is there enough power for what you're planning? Is there natural gas? Bringing utilities to a piece of land can cost a lot of money, so this is a big part of the real price of the land. A cheaper lot without sewer may end up costing you more than a higher priced lot that's ready to build.

Number three... access and traffic. For retail, visibility is everything. How many cars drive by? Can people easily turn in and out? Is there a traffic light nearby? For industrial and warehouse use, you'll want to think about truck access and how close you are to the interstate. Road frontage is valuable, and so is a good entrance.

Number four... the land itself. Is it flat, or will it need a lot of grading? Is any of it in a flood zone? What's the soil like? And is there rock under the surface? Here in East Tennessee, rock can be a real surprise, and it can add a lot to the cost of building. A survey, and sometimes a soil study, can tell you a lot before you buy.

Number five... environmental checks. If the land was ever used for a gas station, a factory, or something similar, there may be problems in the ground you can't see. Many buyers and most lenders will want an environmental study, often called a Phase One, before closing.

Now let's talk about the purchase itself. Commercial land deals usually have a due diligence period. That's a window of time, after your offer is accepted, where you can check zoning, utilities, surveys, and anything else you need. This is so important. Make sure you give yourself enough time, and make sure your offer lets you walk away if something comes up.

Financing is also different. Many lenders want a bigger down payment for land than they do for a home, and the terms can be shorter. It's smart to talk with a local bank early in the process.

If you're an investor, you might also think about a ten thirty one exchange. That's where you sell one investment property and buy another, and you may be able to put off paying some of your taxes. There are strict rules and deadlines, so always talk with a tax professional before you go that route.

So, to sum it up. Check the zoning first. Know where the utilities are. Look at traffic and access. Study the land itself. Do your environmental checks. And protect yourself with a good due diligence period.

If you're looking for commercial land in Hamblen County, or anywhere in East Tennessee, I'd love to help you find the right piece. Spring Mountain Realty P L L C... eight six five, nine three five, zero five hundred. Thanks for listening, and I'll see you next time.