Rent costs

[Kitty]

Mikes post was interesting as his rent in the late 70's was only 400 bucks. The sorriest store we have, the rent is 600 bucks, but rented from family so should not be counted in my study. Any one care to post rental cost history, demographics, and size of property?

[pete f]

I read recently an average of urban areas in the south/west was about $12 a sf. The northeast is more expensive as we have heard.

[JeffLange]

Rent is $1800 in a urban area of NC.

[anonymous]

Kitty --

My store's rent is currently $10.12 per sq. ft. However, I have an absentee landlord who is in a different state -- The building is free standing with its own parking lot, and I am responsible for the grounds maintenance. This keeps the rent quite reasonable, and I can hire an odd jobber to do whatever I don't have the time for.

Also, I am not on a main street, but tucked away in a residential area. I have no "main-drag exposure", nor am I in a strip-mall that might be a destination, so my rent is also lower for that reason.

Even though the rent is relatively low, I plan on buying the building in about 2 years. The rent will then increase as I will be paying it to myself. The laundry can afford it, and I would like the new rent structure on the books for quite awhile before I retire, just to prove to prospective buyers that the laundry will have no trouble paying its bills.

[Kitty]

Jeff,

What is the size of your store in Urban NC?

[Anonymous]

Mine's around $30/SqFt in NJ.

[Fred50]

Approx $18/sq ft in NJ which is pretty cheap for the area!!

Kitty,

What kind of demo info were you looking for?

[anonymous]

Sweet peaches, Kirby!!!!!!!! I would weep everytime I wrote out the monthly rent check! You must be running at near full capacity to be able to pay that. I'm only running at about 60%.

Oh to be a landlord in NJ.

[Fred50]

Bubbles,

Don't forget that the landlord had to pay some of the highest prices in the country historically for the property in the first place.

Nothin' for nothin'!!

[anonymous]

Mark --

Yes, you're right, of course. (Sigh) What I need is a NJ landlord sugar-daddy. ;D

[Anonymous]

Everything is relative, my prices are much much higher than yours also - it all comes out in the wash. That's why salaries are much higher in this area as well.

[Fred50]

Now you know why folks high tail it out of these parts when it's time to retire.

Not to mention that the winters can be a little rough!

[Andy]

$1870 per month for 5000 sq. ft. Comes to $4.49 per sq foot per year. It is pretty cheap even for my area. The going rate is typically anywhere from $7 to $14 here.

[JeffLange]

kITTY,
2350 SQFT FOR 1800 PER MONTH

[buddy]

Mine is $3500 for 1700 SQFT in NY Suburb.

[Bob C]

I am paying $6.00 per sq for 1500 sq ft per year.. $750.00 per mo.

[Beverly]

I have a gross lease at $19.40/sq.ft and the 'mat is 3900 sq.ft.
On a positive note, it's directly across the street from my real estate office/apt. bldg. and only 12 min. from home. The high rent was worth those trade-offs for me. Furthermore, we did not need 'mat income to live off of...it was an investment to off-set my real estate cash flow...different strokes for different folks.

[anonymous]

$2300 for 3500 SQFT

[pete f]

I pay $8 ft for 1, $12 for another, and the building I own rents are around $16-$18 in the area. All are within 7 miles of each other. The $8 one ought to be $10, and the $12 one ought to be $8 based on gross revenue comming out of the mats. ( I figure about 22% should go towards rent)

[Kitty]

HOWARD and other old timers.....

I need rental costs from years past? What was the rental costs when started the mat?

When I started my restaurant in 1990, I paid 16bucks a sqft back then for a downtown peice of *?**?**?**?* with no parking...........stupid, I was only 24

[CharlieS]

City Location, 3000 square feet at $7. This is low for the area, which usually runs 12- 15 per foot, but I had to spend lots on the building itself.

Rural town - 2400 square feet for $1.75 per square foot. $350 a month, I love it!