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Old 11-07-2008, 10:20 PM #1
dam2
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Join Date: Apr 2006
Location: ottawa
Renting a garage?

Hey,

So I'm looking at purchasing this building for business. However, one section of the building has a mechanics garage with 8 in ground hydraulic lift, instead of tearing all that out. If I buy the building I'll be looking to rent it out. How much do you think it could be rented for? Anyone here work at a mechanics shop and know how much the owners pay? Or do you own/manage a place? I'm going to go around to a couple shops tomorrow and see what they're paying around here. I just need a rough estimate right now.

Anyways, appreciate it!

Thanks,

David.
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Old 11-08-2008, 12:33 AM #2
Carnagge
 
 
Join Date: May 2006
Talk to a local realtor. Thats what they do. Commercial realtor.
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68/4500 tank
http://www.pbnation.com/showthread.p...2#post64366912
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Old 11-13-2008, 01:35 PM #3
Zacko23
 
 
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Join Date: Mar 2008
Location: Suburban Philadelphia
Is the Real Estate in Canada?

Seems like a big garage to have 8-lifts. It could be difficult to rent, which could result in reducing your price per square foot. You're best bet on what you could get for rent would be to order a 'income-approach' apparaisal, then see what sort of comps are used to calculate the rate.

How much of this building will you occupy? Or is this an investment that you plan to completely lease?

Also, as an aside, it maybe awfully expensive for you to settle on this property. Given you have an auto repair shop on the land, most Banks will want an enviromental assessment or a Phase 1 (if its in the US). Just something to think about.
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