Bright Street-Level Retail-Expandable Basement Space

🏢 Property Overview

Location: 1,000 SF on the 1st floor of a 28-unit, mid‑rise multifamily building (21,274 SF total; built 1918, renovated 1986)

Available: Now, for a minimum 1‑year lease

Condition: Shell space, ready for tenant improvements

Base Rent: $60 / SF / YEAR (equal to ~$5,000/mo gross rent)

💰 Rent & Comparables

This asking rent of $60/SF/year sits on the higher end for U.S. retail spaces:

In suburban shopping centers, rents typically range from $32–$40/SF/YR (NNN)

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Specialized or high-profile urban shell spaces may reach $60/SF/YR, but those are often larger, newer properties or heavily improved spaces

Your space is a raw shell in a mid-rise context. Tenant buildout costs—common for retail—aren’t detailed but should factor into your total occupancy budget.

📊 What This Means For You

At $60/SF/YR, you pay top-tier retail rates. It can work if:

The location gets significant foot traffic (e.g. adjacent to high‑density residential lobbies, street retail)

Demographics and local demand (e.g. daytime workforce, residents) support premium retail

Buildout costs and construction timeline are manageable

If those conditions don’t hold, you might find better value elsewhere at $30–$45/SF, especially for raw shell spaces.

✅ Recommended Next Steps

1. Evaluate location & foot traffic

Is this space on a busy residential corridor or near public transit?

**2. Obtain a full Buildout Estimate

Shell condition means costs can escalate quickly depending on your trade, ecommerce infrastructure, permits, etc.

3. Negotiate lease terms

Seeking escalations, tenant allowances, or buildout credits can help offset high gross rent.

4. Compare market comps

Check with local brokers for similar-size shells in comparable mid-rise buildings. Are they renting for $50/SF or $70/SF? That’ll help calibrate your offer.

HIGHLIGHTS

Lots of Natural Light Full Basement

📌 In Summary

At $60 / SF/YR, this space is at a premium rate for a bare shell. If it’s in an excellent location and you can negotiate tenant improvements, it may be worth it. Otherwise, aim for spaces in the $30–$45/SF range or negotiate adjustments here.