- Joined
- Jun 1, 2011
- Messages
- 142
Hi REINation,
First timer in converting a mix-use 1,500 sqft main level unit currently being used as residential into small offices, and wondering what your thoughts are on the following:
1 - How much rent/sqft/month would you be asking for? Rent in the area range from $1.50/sqft for a converted residential unit to $18/sqft for a building unit, a big gap.
2 - Would you build-in your conversion costs, insurance, taxes, maintenance, etc., to the monthly rent that may result to higher than market rent?
3 - What would be the ideal lease period (i.e. 1, 3, 5 years) to recover conversion costs?
4 - What would be your ideal criteria in pre-screening your potential commercial tenants?
5 - Other suggestions?
Thank you in advance.
First timer in converting a mix-use 1,500 sqft main level unit currently being used as residential into small offices, and wondering what your thoughts are on the following:
1 - How much rent/sqft/month would you be asking for? Rent in the area range from $1.50/sqft for a converted residential unit to $18/sqft for a building unit, a big gap.
2 - Would you build-in your conversion costs, insurance, taxes, maintenance, etc., to the monthly rent that may result to higher than market rent?
3 - What would be the ideal lease period (i.e. 1, 3, 5 years) to recover conversion costs?
4 - What would be your ideal criteria in pre-screening your potential commercial tenants?
5 - Other suggestions?
Thank you in advance.