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Featured Article

When most investors talk about adaptive reuse, their minds go straight to urban centers: warehouse loft conversions, trendy food halls, or mixed-use high-rises.

But there’s a less flashy corner of the market where adaptive reuse is quietly creating strong returns:
👉 Small towns.

And for savvy investors and developers, it’s one of CRE’s most underrated opportunities.

🏙️ What Is Adaptive Reuse, Anyway?

Adaptive reuse is the process of taking an existing, often underutilized structure, and repurposing it for a new commercial use—without tearing it down.

Think:

• An old bank branch becoming a QSR drive-thru

• A former auto repair shop turned into a retail cannabis dispensary

• A shuttered grocery store converted to medical or dental offices

These types of projects are everywhere in secondary and tertiary markets, where:

• Older buildings are plentiful

• Demolition and construction costs are rising

• Local leaders are eager to fill vacancies and revitalize Main Street

💰 Why It Makes Financial Sense

Here’s the kicker: adaptive reuse deals in small towns are often cheaper, faster, and less risky than ground-up development.

✅ Lower Acquisition Costs

Vacant or obsolete buildings in rural or smaller markets often trade well below replacement cost.

✅ Compressed Timelines

Compared to a full new build, reuse projects often move faster—especially with local support.

✅ Access to Incentives

Many towns will offer grants, tax abatements, or zoning flexibility just to get a property back on the tax roll.

🔍 Real-World Example

We recently saw a former CVS in a small-town downtown get repositioned as a regional bank branch and shared office space.
The investor:

• Bought the building at a discount

• Did light cosmetic and systems upgrades

• Locked in a long-term lease with a national tenant

The result?
Double-digit yield in a market most overlook.

⚠️ What to Watch Out For

Not every old building is a goldmine. Be mindful of:

• Zoning restrictions (some uses may not be permitted without a variance)

• Environmental issues (gas stations and dry cleaners can come with baggage)

• CapEx surprises (especially with older HVAC, roof, or plumbing systems)

A thorough inspection and strong local team are critical.

🧠 Bottom Line

In today’s market—where new construction is expensive and competition is fierce in gateway cities—small-town adaptive reuse is a smart, strategic play.

You’re not just investing in real estate. You’re:

• Solving a local vacancy problem

• Revitalizing a downtown corridor

• Creating sticky, long-term cash flow

It’s CRE with purpose—and profit.

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