Sounds like you will still need to find some specific costs, but you can look up taxes paid and that will be the most significant cost that you can't change. Utilize these line items below for property management, and you should be able to understand your cost / SF on the building. These are for a building 10,270 SF if you want to utilize a % estimate. In your situation, it's probably more important to know who is paying what. Therefore, it will be easier to understand what you can still pass through to the tenants vs what they are already paying. Management however, can be up to 10% of the NOI and your level of service may be negotiable. Hope this helps.
|Average of 4 properties which were a little bigger|
|5840 Taxes - RE||$3.16||$3.16|
|5920 Insurance - Property & Casualty||$0.39||$0.39|
|6010 CAM/OE - Building M & R||$0.40||$0.40|
|6015 CAM/OE - Electrical Repairs||$0.00||$0.00|
|6020 CAM/OE - Electricity & Gas||$0.31||$0.31|
|6080 CAM/OE - Landscaping||$0.25||$0.25|
|6090 CAM/OE - Management Fee||$0.73||$0.00|
|6190 CAM/OE - Snow Removal||$0.15||$0.15|
|6200 CAM/OE - Storm Drain||$0.11||$0.11|
|6220 CAM/OE - Trash Removal||$0.25||$0.25|
|6250 CAM/OE - Water & Sewer||$0.15||$0.15|
|No fire Monitoring|
|Reduced Snow Removal|
|Reduced Water - No irrigations|
Hi Izzy, how did it go with this deal? Were you able to figure everything out?
@Izzy Nathanson I am interested to know how the shopping center deal worked out for you.
I’m currently looking at a commercial deal and also trying to estimate PM fees. Any update?
I’ve found that total expenses in NJ shopping centers range from $5-7 a sq foot. It’s usually high Bec of taxes.