A Must Read-Guideline for tenants looking for Retail Space, Queens,NY

Whether you currently rent a retail space and are looking to expand to another area, or if you never rented a retail space before. February 14, 2017

If it may help you in the future no mater what area you go to, this is standard.

ASKING RENTS USUALY RENT CLOSE TO THE ASKING FIGURE.

BETWEEN 3 AND 5% OF THE ASKING RENT.

NOT 30-45 % BELOW THE ASKING RENT.

Do not waste your time and effort. You would only be insulting a Landlord by doing this. The better the area, the busier the area, the more volume you will do. 

Example- A Dunkin Donuts Franchise recently rented a 1250 sq.ft. retail space in Middle Village,NY. They pay $3,650.00 per month in rent. However, they do between

$15k-$18k per week in business.

If you are used to paying under $2,000 dollars per month in rent, you are limited in what real potential your business can make weekly as opposed to being in a Triple AAA location and paying a higher rent.

Furthermore, based on the last 3-5 Retail rentals in a Community, or specific Avenue,

Landlords are informed by other Landlords and what they just got, and or from Real Estate Brokers who specialize in Retail Rentals in the area.

I have 37 years of Real Estate experience. I have rented many Retail locations in the Maspeth, Middle Village, Rego Park, Forest Hills, Ridgewood and Glendale areas.

I have place the top ten Franchises in one or more of the above areas.

I have helped many Business owners rent retail spaces who are very successful in the above areas.

Which brings me to the smallest last item for tenants to understand that works in their favor versus a Commercial broker who has charged Landlords for years the following.

3% of the yearly rent for the first three years followed by 2% of the next 2 years as a commission. When a neighborhood Broker like myself works with a everyday business owner expanding or just renting for the first time, I only charge a flat fee to the tenant of one months rent. That can save a tenants between $4,000-$8,000 dollars in commissions.

I have written over 1,000 articles these past 37 years and you can Google my name to see pages of referrals, recommendations, and many interesting articles to inform customers from soup to nuts regarding Real Estate.

***********************JIM TURANO/BROKER-DIVERSE REAL ESTATE***********************

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