Hello. Does anyone know current price per sq foot for rent in Union City NJ around Summit Ave? Premises cannot be used for cooking. Currently it is a large store and storage
Real Estate Agent · Raleigh, NC · Member since 2021 · 240 posts · 281 votes
3y
@Eugene Fedotov - Just like any other type of investment property, there are a lot of factors that go into the PPSQ'. Location, condition, parking, loading access, vehicle per day count in front of the building, Lease type (gross, NNN, Modified...), length of the desired lease, zoning, all of these can influence price.
Commercial property is not like residential property where everything is fed into the MLS and pushed out to listing sites from there. I would run searches on commercial property in your area using Co-Star/Loopnet and Crexi. That should give you a sampling of what similar properties are listed for in your area.
If you cannot find anything in your town, then try to identify areas with a similar traffic count, similar demographics, similar commutes to primary employment centers, and similar hwy access. If someone is shopping for commercial space, then these are the primary factors they are analyzing. The data you compile this way is not as valuable as lease info with a close proximity to your building, but it's a place to start.