What should I do before selling or leasing my property?
In Real Estate, first impressions are important to maximize value. Tenants and Buyers would feel attracted to a property where they can visualize their business. It’s important for a landlord to present a clean and organize warehouse. Some tips to consider:
Clean Office Space and Bathrooms
Paint any walls that need panting in the office and warehouse. Interior and Exterior.
Clean Warehouse Floors
Resurface parking spots
Change lights on the Office and Warehouse.
Make any roof repairs that will extend the life of the roof.
Improve Landscape around the property.
All these improvements will provide a great return on investment when it comes time to leasing or selling the property.
What is an Industrial Gross Lease?
When an Industrial Gross Lease is quoted, it reflects that the landlord is responsible for Property Taxes, Property Insurance and CAM (Common Area Maintenance).
What is a Triple NNN lease?
NNN in front of a lease rate indicates the rate quoted is separate from property taxes, property insurance and CAM (Common Area Maintenance). In this case, the lease rate will be broken down in: base rent + property taxes + property insurance + CAM.
What does STNL mean in Commercial Real Estate?
The term STNL in commercial real estate stands for Single Tenant Net Lease. This applies to investment properties where the building only has one tenant occupying and the lease is NNN.
What is the value of having a Miami Commercial Real Estate broker?
Real Estate has become an industry of information. Data travels faster than ever before and the amount of information grows exponentially. A good Miami Commercial Estate Broker is able to stay in up to date with the current trends of real estate and make sure the property is marketed to all potential prospects. The Real Estate broker will have access to multiple channels to expose the property and make it visible to the world.
How much is my Warehouse Property worth?
There are three ways to evaluate the value of a property: Sales Comparison, Cost Approach and Income Approach.
Sales Comparison: This is the most widely used method to determine the market value of the property. Under this method, the subject property is compared to a report of recently sold properties. Since the subject property might different from the properties recently sold, adjustments are made to reach a value for the subject property.
Cost Approach: Under this approach, the costs of the land and the structure are separated. An estimate is done to find out how much would it cost to build the existing structure. Then this value is adjusted for depreciation, depending on the age of the building. This value is added to the value of the land to arrive to an approximate value of the property. Usually, this method is used for properties where there is not enough comparable sold properties.
Income Approach: This method arrives to the value on the property based on the income the property currently generates or can potentially generate. The important components of this method are:
Annual Gross Income
Effective Gross Income
Net Operating Income (NOI)
Capitalization Rate (Cap Rate)