Mixed Use Rental Rate West Hartford, CT

[Zach Scheer]

I have a property in West Hartford, CT that we purchased in June of this year.  The property is a mixed use with 4 commercial spots and 5 residential.  I understand the rental rates and everything to do with the residential as I work in the field, I have a few questions about the commercial side.

So, three of my commercial spots are due for a new lease starting in January 2017.  I am looking to increase rent but am having a little trouble deciding where everything should be.   As of right now we are cash flow positive so take that into account. 

Rental #1 is 290 Sq feet and they are paying $700 = $2.41 SF/Year

Rental #2 is 560 Sq feet and they are paying $800 = $1.43 SF/Year

Rental #3 is 105 Sq feet and they are paying $550 = $5.23 SF/Year

I have looked on Loopnet and some other websites looking for an average rate per SF and it's between $4-$10.  Now I just leased the 4th spot at 800SF for $2000 and had a lot of people tell me the rent is too high.  My question to everyone here is how would you increase these tenants to get closer to average without losing them.  All 4 commercial tenants have been really good and the only thing they have asked for is a bucket of ice melt.

Please let me know what you think since I have to get the new leases out to these tenants within the next two weeks.

Thank you!!!