Some of the most popular sites include: Digsy.com (their free network of licensed commercial real estate experts do all the searching for you to save you time finding restaurant space for lease ) Loopnet.com (you can search for commercial space for lease yourself, for a fee) BizBuySell.com (businesses for sale)
To help you, we have filtered the responses and prepared summary reports for the following areas:
|Survey Summary - All Respondents|
|Base Rent||Lower Quartile||Average|
|Monthly base rent||$3,000||$6,914|
|Square footage of restaurant||2,100||4,180|
|Base rent per sq. ft. - monthly||$1.00||$1.95|
Based on your research, the occupancy costs for your primary competitors range between 6% and 10%. Assuming you need 2,000 square feet to run your restaurant, you can pay between $5,000 and $8,300 per month including NNN charges.
Most areas have an average price per square foot. For example, a store in a popular shopping center located directly in front of a busy highway may run $23 per square foot. So for 1,900 square feet, that would cost approximately $3,642 per month.
Ask other tenants in the building about their experience, both with the building location and the landlord. Ask if the landlord is easy to work with and if they address problems quickly. You can also ask about the pros and cons of the location, as well as their thoughts on a new restaurant going into the building.
On average, the cost to open a restaurant is between $100 and $800 per square foot, with costs varying based on location, concept, size, materials, new or existing location, and equipment.
Commercial tenants should be able to spend 5% to 10% of their gross sales per foot on rent . Your gross sales divided by the location’s square footage will give you sales per square foot. For example, you estimate your business will make $300,000 per year in total sales, and you are looking at a 1,500 square foot space.
For example, if the re-letting fee is $400 and there are six months left on a 12-month fixed-term lease , they may need to pay a pro-rata amount of 50 per cent of that fee . Details on charges are usually included in the lease agreement .
about five years
Payscale.com says restaurant owners make anywhere from $31,000 a year to $155,000 . They also estimate that the national average is around $65,000 a year. Chron.com estimates a similar range, between $29,000 and $153,000 per year.
You can count on the following monthly operating costs for your restaurant. Rent and utilities (electricity, water, internet, cable, and phone): 5% – 10% of revenue. Food cost: 25% – 40% of food sales. Labor cost: Roughly 30% of revenue including management salaries of 10% Insurance varies by provider and type.
While a restaurant wedding can be more affordable, don’t go into it expecting a deal. The cost will depend largely on how much of the space you’ll be using. A full buyout at the hippest joint in town on a Saturday night will cost much more than a lunch wedding at a restaurant that is usually closed during the day.
Many malls charge by square foot with a range of $18 to $30 and up , per square foot. You’ll have to first inquire about shorter-term leases and then figure out what each mall charges in terms of fees, insurance, and deposits.
The monthly rent you should charge is usually calculated as a percentage of your property’s value. An aggressive rule of thumb says rent should be about 1% of the property’s value, although a more realistic range is between 0.5% to 0.8%, dependent on your location and amenities.
Most Common Retail Leases for Commercial Properties Single net lease . A single net lease , or net lease, is an arrangement where the tenant pay for utilities and property taxes. Double net or NN lease. A double net or NN lease is similar. Triple net or NNN lease. Full-service gross or modified lease.