Is there any reason that Locations with Dollar Trees would allow you to have entertainment center with restaurants and arcades? I've been looking at spaces by two different real estate agent told me it was a conflict with the Dollar trees. Which seemed odd due it not competing with them or anything. ..
The one thing I'm confused about is how the monthly rent works. Let's say someone has a 42,000-square-foot building for lease and they are charging $10.00 a square foot; how does an average business afford a monthly rent like such.
So that would be ~$35k per month (assuming $10 is the annual rate). 42k feet is a pretty good size property. Most of our tenants are leasing ~1,000 to 2,000 ft
@@SeanKatonaCRE Yes, I know a lot of people say to start small but after getting this business plan completed; I found out there is no way to do so. 35k a month though, that is crazy. How does an average business survive paying something like that and retain a profit?
@@SeanKatonaCRE I struggle to find spaces that small, I've been searching for "flex industrial" for a small shop and usually what I find is 4000 sqft + am I searching for the wrong keyword?
I am trying to get some info on a space including rent and other terms but the landlord wants to see mine and my guarantors personal/financial info before giving me an offer. But I don’t even know anything about the lease yet. Is this how it’s supposed to be?
Yes, I had to give them our financials before they will talk further... because they need to see you can afford to pay rent first... unless you are already in business and can provide your financial statements
A lot of landlords and brokers like to withhold rates to get folks on the phone and qualify them first (and not get undercut). I typically publish and quote rates openly. BUT.. Before we can offer a tenant improvement allowance we’d need to review their financials (that’s the LL investing in the tenants buildout). We’d also look at their financial strength, track record etc before approving a deal and spending money on legal to draft the lease
Hello. Im trying to open a small burger shop. First time businesse here . My question is does the landlord or owner help with the build out and provide the contractor s? How do you guys work with people who have a budget. What are the process for this part of leasing a space? Could you do video on this and elaborate more if you can????
It depends on your situation, some landlords allow month to month, while others want a 3, 5, 7, or even 10 year term. A landlord will feel safer offering tenant improvement allowance when a tenant is committed to sticking around for a few years.
Help, I'm looking at a space that fits my needs but the bathroom is not ADA compliant... is that something I need to negotiate with the landlord to update or do I get verification from LL that ADA compliant bathroom is not required. It's going to be a clothing store, so it's a employee bathroom only.
Often a city / permitting the requirement. I favor deals where the tenant handles their own build out and would rather just offer them $$$ tenant improvement allowance (reimbursement) to spec out their suite. A lot easier to write a check than manage construction. BUT - if you’re asking for $$ or build out expect that to be baked back into your rental rate. LL needs to have return on investment.
There's a shopping center near me with multiple vacancies. When i inquired about pricing options, the agent redused. What should i be bringing to them so they provide simple pricing options?
1 page Personal financial statement goes a long way. A good FICO score will help you stand out. Anything to showcase your success as a biz owner and that you’ll be a durable tenant who pays on time every month!
Hi! So I’m about to sign a contract for a 1226 sf space for my cafe but I just found out what the lease entails. It’s NNN with base rent $3880 and the whole property is about 60k sf. So how much more am I actually paying? It seems a lot or is this usual?
You’d pay your % of the NNN… so 1226 / 60,000 is ~2% (that would typically include the tax, insurance, common area costs like trash, porter, landscaping etc). I have properties as cheap as $3.30 per foot per year to $5.50+ on top of the base rent. Higher end properties easily into double digit NNN per year
Great to have it from a landlords perspective! Thanks for the tips!
Please keep the questions coming! We'd love to help more tenants get open this year
Thank I’m trying to find a business space so this helps
This was very helpful. Thank you 🙏🏽
👍 Let us know if you have any follow up questions!
Amazing info!
Thank you for offering good perspective!
Thank you for sharing!
How do you get through the landlords directly? It always seems to be theie representives that reach out
Is there any reason that Locations with Dollar Trees would allow you to have entertainment center with restaurants and arcades? I've been looking at spaces by two different real estate agent told me it was a conflict with the Dollar trees. Which seemed odd due it not competing with them or anything. ..
Could be an exclusive they requested in the lease. Or possible deed restriction on the property.
The one thing I'm confused about is how the monthly rent works. Let's say someone has a 42,000-square-foot building for lease and they are charging $10.00 a square foot; how does an average business afford a monthly rent like such.
So that would be ~$35k per month (assuming $10 is the annual rate). 42k feet is a pretty good size property. Most of our tenants are leasing ~1,000 to 2,000 ft
@@SeanKatonaCRE Yes, I know a lot of people say to start small but after getting this business plan completed; I found out there is no way to do so. 35k a month though, that is crazy. How does an average business survive paying something like that and retain a profit?
@@LukeRietherdp find cheaper space, or manage with less
@@LukeRietherdpI came to find that same thing. If I find the answer I'll report back
@@SeanKatonaCRE I struggle to find spaces that small, I've been searching for "flex industrial" for a small shop and usually what I find is 4000 sqft + am I searching for the wrong keyword?
I am trying to get some info on a space including rent and other terms but the landlord wants to see mine and my guarantors personal/financial info before giving me an offer. But I don’t even know anything about the lease yet. Is this how it’s supposed to be?
Yes, I had to give them our financials before they will talk further... because they need to see you can afford to pay rent first... unless you are already in business and can provide your financial statements
A lot of landlords and brokers like to withhold rates to get folks on the phone and qualify them first (and not get undercut). I typically publish and quote rates openly. BUT.. Before we can offer a tenant improvement allowance we’d need to review their financials (that’s the LL investing in the tenants buildout). We’d also look at their financial strength, track record etc before approving a deal and spending money on legal to draft the lease
Hello. Im trying to open a small burger shop. First time businesse here . My question is does the landlord or owner help with the build out and provide the contractor s? How do you guys work with people who have a budget. What are the process for this part of leasing a space? Could you do video on this and elaborate more if you can????
We’ve referred a lot of our favorite contractors, pros, vendors etc to our tenants. Happy to intro as needed.
Please introduce for me too, Iam going to build a nail salon soon. Thank you so much.
Do you pay by the month, or year?
It depends on your situation, some landlords allow month to month, while others want a 3, 5, 7, or even 10 year term. A landlord will feel safer offering tenant improvement allowance when a tenant is committed to sticking around for a few years.
Hello Mr Sean I’m looking to get into the business I’m not sure if you need a license or does it depend on the state?
If you are buying, you don't need a license. If you want to represent others then in most states you will need to be licensed.
Help, I'm looking at a space that fits my needs but the bathroom is not ADA compliant... is that something I need to negotiate with the landlord to update or do I get verification from LL that ADA compliant bathroom is not required. It's going to be a clothing store, so it's a employee bathroom only.
Often a city / permitting the requirement. I favor deals where the tenant handles their own build out and would rather just offer them $$$ tenant improvement allowance (reimbursement) to spec out their suite. A lot easier to write a check than manage construction. BUT - if you’re asking for $$ or build out expect that to be baked back into your rental rate. LL needs to have return on investment.
There's a shopping center near me with multiple vacancies. When i inquired about pricing options, the agent redused. What should i be bringing to them so they provide simple pricing options?
1 page Personal financial statement goes a long way. A good FICO score will help you stand out. Anything to showcase your success as a biz owner and that you’ll be a durable tenant who pays on time every month!
Hi! So I’m about to sign a contract for a 1226 sf space for my cafe but I just found out what the lease entails. It’s NNN with base rent $3880 and the whole property is about 60k sf. So how much more am I actually paying? It seems a lot or is this usual?
You’d pay your % of the NNN… so 1226 / 60,000 is ~2% (that would typically include the tax, insurance, common area costs like trash, porter, landscaping etc). I have properties as cheap as $3.30 per foot per year to $5.50+ on top of the base rent. Higher end properties easily into double digit NNN per year
Hi, do you have properties in the Bronx? Or, maybe you could connect me to someone. Thank you.
I’m focused in Phoenix, AZ but jump on LoopNet and you’ll see a ton of great listings and brokers to connect with directly!
Where are u located. I have a clothing store online but I want to transfer to a brick and mortar store
Our properties are in greater Phoenix (Tempe, Gilbert, Mesa etc)
Thank you
Didn't explain anything
Happy to answer any detailed follow up questions you might have! Comment away 👇