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I am negotiating a first time lease, location is good, building needs 150k-200k of mod's. when finished should be excellent. anticipating 30k mo. gross. total investment 700k. owner wants .85 cents+ triple net @15cents. 10yr lease w3% annual increase w/option for 10yr. owner feels that it is below market value and is not willing to share the cost to upgrade. what do you think?? please give some feed back /ubbthreads/images/graemlins/smirk.gif
azkid
07-17-2004, 03:15 PM
Not much specific info to go on, but seems good at the surface. Would be surprised if you hit that monthly gross however. Not sure how much you really need to improve the building - am assuming it is free standing and you are not talking about fixing up non laundry areas.
Thanks for the reply,
The building is in a strip mall it was an old automotive repair and still has the roll-up doors. I will replace with glass and doors about a 70k including some facaud work. the electric can be upgraded to 600amps for 15k, the unit is 5000+ sq ft will need all interior work done. bathrooms are o.k. and an office.. pretty decent layout. I called automated laundry systems in Burbank, Calif. does any one know ONCHO and have any experiences to share.