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Old 06-27-2008, 03:20 PM
 
Location: Historic Downtown Jersey City
2,705 posts, read 7,098,829 times
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Fellow NJers,

I'm thinking about grabbing up some retail space, and I have *NO* experience whatsoever in doing so. This is literally my first formal thought process on the topic, so I'm just throwing it out there to see if anybody has any experience in dealing with retail space.

Rent vs Buy...how much, on average, can I expect to pay in North Jersey on let's say, a Route 10 or a Route 46, or 17? How much for purchase? How much would rent be, per square foot?

If renting, can the renter usually make major renovations to the interior of the store?? (this would be a deal breaker if this is not possible)

Just throwing some random questions out there. A light bulb has gone off in my head, and I need some answers!!!!
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Old 06-27-2008, 03:26 PM
 
Location: High Bridge
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Quote:
Originally Posted by tommyc_37 View Post
If renting, can the renter usually make major renovations to the interior of the store?? (this would be a deal breaker if this is not possible)
Many of the companies I work with have retail space they are leasing, and they make major modifications. I'm quite sure this is typical.
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Old 06-27-2008, 03:27 PM
 
Location: Historic Downtown Jersey City
2,705 posts, read 7,098,829 times
Reputation: 1191
Thanks. Any idea of what I can expect to pay per square foot, renting and buying?
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Old 06-27-2008, 03:44 PM
 
9,124 posts, read 32,102,485 times
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On a major highway like that, you're probably in the $3/sf/month range- more if it's a really hot property. You'll need to add for utilities, insurance, and the cost of the renovation. If you're looking to buy, you're looking somewhere in the realm of the equivalent of 7-10 years rental payments for a purchase price per SF- so at least $250-350/SF.
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Old 06-28-2008, 02:10 AM
 
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$3 a square foot? that sounds "cheap". i remember that my boss paid $24/ sqft in totowa in a commercial district but not on a high way. that was at least 7-8 yrs ago. is that a mistype Bob?
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Old 06-28-2008, 06:09 AM
 
9,124 posts, read 32,102,485 times
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Quote:
Originally Posted by findinghope View Post
$3 a square foot? that sounds "cheap". i remember that my boss paid $24/ sqft in totowa in a commercial district but not on a high way. that was at least 7-8 yrs ago. is that a mistype Bob?
$3/sf per month, which is $36/year. Your boss was paying $24/year- not per month.
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Old 06-28-2008, 06:09 AM
 
Location: High Bridge
2,736 posts, read 8,546,636 times
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Quote:
Originally Posted by findinghope View Post
$3 a square foot? that sounds "cheap". i remember that my boss paid $24/ sqft in totowa in a commercial district but not on a high way. that was at least 7-8 yrs ago. is that a mistype Bob?
Just off the highway, my old company had about 10000-12000 sq. ft. of retail and manufacturing space... iirc, the monthly tab on the lease was $24,000 (which is about $2/sf). I think your boss got a bit overcharged, or had a very small space.
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Old 06-30-2008, 08:20 AM
 
Location: Historic Downtown Jersey City
2,705 posts, read 7,098,829 times
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Thanks for the replies guys. Bob Kovacs, heads up, I'm going to sent you a private message.
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Old 06-30-2008, 09:27 AM
 
4,899 posts, read 16,250,807 times
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Quote:
Originally Posted by BobKovacs View Post
$3/sf per month, which is $36/year. Your boss was paying $24/year- not per month.
got it
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