Time is Money - Don't Waste It on Mistakes!
As a business owner, I understand the value of every minute. Finding and evaluating a suitable business location can take a lot of time and effort. Recently, I spent time researching the corner building on Nguyen Trai Street, Nguyen Cu Trinh Ward, District 1 (8.55m x 23m, basement, 7 floors, rent $12,000/month or sale price $17 billion VND). Here are 3 things I learned that can help you save time and make a wise decision.
1. 'Hot' Location but Need to Consider Actual Customer Traffic
Nguyen Trai is a vital route with heavy traffic. However, a large frontage doesn't guarantee good business. I spent time observing the area at different times of the day. Pedestrian traffic is concentrated during peak hours, but quite sparse in the evenings and on weekends. This means that if your business model depends on pedestrian traffic, you need to consider it carefully. For example, if you open a 24/7 convenience store, this location may not be optimal.
2. Building Structure: Potential and Renovation Costs
The 7-story building with a basement has great potential for exploitation. You can rent out each floor, or use it to open an office, showroom, or even a mini-hotel. However, you need to pay attention to the current structure. If you want to renovate it to suit your business model, you need to estimate the cost. For example, if you want to open a restaurant, you need to ensure that the electrical, water, and ventilation systems meet the requirements. I contacted a construction unit to estimate the renovation cost, and this number is not small.
3. Rent/Sale Price: Compare with Other Options in the Area
The rent of $12,000/month (increasing by 10% after 2 years) or the sale price of $17 billion VND is a significant amount. To make the right decision, you need to compare it with other options in the area. I researched a few similar buildings on Le Loi and Ham Nghi streets and found significant differences in rent/sale prices. Remember that price is not the only factor, but also consider location, structure, exploitation potential, and renovation costs.
Conclusion: The Final Decision is Yours
The corner building on Nguyen Trai Street, District 1 has many advantages, but also comes with certain challenges. I hope the above sharing will help you have more information to make a wise decision. Don't rush, take the time to research thoroughly and consider all factors before investing.
