How to find off-market commercial properties
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Short answer: off-market deals start with a list of owners who might sell but haven't listed. Look for signs like long ownership, a big lot with a small building, a recent permit or a tenant moving out. Then find the real owner and reach out directly. Most will say no, so you need a real list and steady follow-up.
"Off-market" just means the building isn't listed anywhere. You won't find these on a site, because the owner doesn't know they're selling yet.
Step 1: Decide what you're looking for
Be specific about the property type, area, size and price range. "Industrial, 20,000 to 50,000 square feet, Los Angeles County" gives you a list you can work. "Good deals in California" doesn't.
Step 2: Look for signs an owner might sell
None of these means an owner wants to sell. Each one just gives you a reason to ask.
| Signal | Why it matters | Where to find it |
|---|---|---|
| Long-held | Owners with decades in a building may be retiring or passing it on | Assessor's last sale date |
| Underbuilt | A large lot with a small building may be worth more to a developer | Assessor's lot and building size |
| Recent permit | Work often comes before a sale or a new use | City building department |
| Tenant change | A move-out may leave the owner reconsidering | Website checks, permits, driving by |
| Recent rezoning | The land might be worth more than it was | Planning department |
| Out-of-state owner | A distant owner may be less attached | Tax mailing address |
| Late property taxes | May point to financial pressure | County treasurer, where published |
Step 3: Build the list
Free route: use your county assessor's data and sort by last sale date. Some counties let you download it, and in others you'll have to look up buildings one by one. Add permit data from your city.
Faster route: use a tool that filters on these signals. West Kite has years held, underbuilt lots, recent permits and tenant changes as filters, and you can just ask, "retail buildings on Wilshire owned by the same family for 30+ years". We make it, so try it against the free route. PropStream and Reonomy offer list building as well, and we compare them in the best CoStar alternatives.
Aim for 50 to 200 owners you could realistically call. A list of 5,000 usually means you've been too broad.
Step 4: Find the real owner
Many of these buildings are held in an LLC. Trace it first, using how to find the owner behind an LLC, then get a way to reach them with how to find an owner's phone number.
Step 5: Reach out
Mention something specific. "You've owned this since 1971, and the block was rezoned last year" works far better than "we buy buildings".
- Letters: slower but get read, especially by older owners. Handwritten ones stand out. West Kite can send postcards and handwritten letters for you.
- Calls: the fastest way to get an answer. Check the calling rules first.
- Email: cheap but easy to ignore. Best as a follow-up.
Step 6: Follow up for longer than feels normal
Owners who say no today may say yes after a death, a partner dispute or a tenant leaving. Keep notes, set a reminder, and check in every few months. That's how off-market deals tend to happen: you were still in touch when something changed.
Frequently asked questions
Why would an owner sell off-market?
Privacy, avoiding a long marketing process, saving on fees, or simply because someone made a sensible offer at the right time.
Do off-market properties sell for less?
Sometimes, but not always. Experienced owners often know exactly what their building is worth. Pull comps before you make an offer.
Is there a website that lists off-market commercial properties?
Some sites and broker networks share "pocket listings", but a truly off-market building isn't listed anywhere. You find those by reaching out.
How many owners do I need to contact?
It varies a lot by market and by how good your list is. Track your own numbers from the first month, and adjust from there.
