Available Downtown Opportunities
A combination of economic forces has created an extraordinary opportunity to own a historic building in Clarksdale’s historic Arts & Culture District. At present, there are a few less than 250 downtown properties, and some 30% of them are available for sale and/or lease or even possible partnership with an existing owner.
General Market Condition
Both residential real estate and downtown commercial properties are exceptionally affordable in Clarksdale. The overall market trend in the downtown sector is a buyer’s market with a wide array of commercial choices. Some 70 plus properties are available for either sale or lease, and some of these historic downtown opportunities have both commercial and residential space. It is possible to both work and live in many of Clarksdale’s downtown properties at a remarkably affordable cost.
The Ideal Owner/Tenant
The ideal downtown Clarksdale property owner or tenant likely has an office or creative space elsewhere, or has a desire to get one of his own. It is also likely he/she is paying too much for space they already have, and they are thinking much about reducing costs and finding a better work-life balance and more affordable lifestyle.
Clarksdale offers a wonderful opportunity for creative people. Downtown sector buildings make great offices, studios, and creative spaces. Clarksdale’s already lightning fast broadband adds much to these opportunities. Clarksdale is a perfect place to live, find an attractive, peaceful life, and work anyplace in the world online.
Buildings for sale: prices range from below $50,000 and higher. Many buildings are well below $100,000. Some are higher. A recent 7,549 sq. ft. building, that requires some but not extensive build-out, was on the market for about $23 per sq. ft. In a buyer’s market, it is possible buildings of ample size and similar condition could be owned for notably less than $23 per sq ft.
Some buildings for sale have one or more residential apartments attached. These buildings can be an attractive revenue source allowing for not only a place of business but also an attractive place to live or use as a second home or getaway.
Buildings for lease: leases vary by the owner; all are negotiable. Lease price per sq. ft. rates are extraordinary. Some opportunities exist at less than $1 per sq. ft. per month (this is not a typo).
Some owners will negotiate build-out and improvements spread over as little as 1 to 3-year leases. Some may not. Many buildings for lease also come with a residential apartment(s). Some of these current building opportunities have been recently remodeled, some are in remodel construction now.
Building Type & Size
Buildings available in Clarksdale have been used for a variety of purposes. Most are formerly small retail stores, a few were small department stores, some were restaurants and some were offices. Most are either 1 or 2 stories, and some come with both commercial/office and residential space.
Of the 70 plus properties for sale or lease, there is a stately old hotel of the South, an old theater, an old 6-story office building and 2-story office building as well. The largest single building available is 10,217 sq. ft., the smallest is less than 1,000 sq. ft. Average building size is more than 4,000 sq/ ft.
On average, Clarksdale buildings were built around 1932. The oldest building was built in 1890 and the newest building is about 15 years old.
A few downtown buildings require little to no further development. A few have been remodeled and are move-in ready now. Some are in an updating construction phase. Most require some remodeling, and many will require extensive remodeling. Some can be remodeled for under $10,000 and some may require extensive updating in excess of $100,000.