Info on the old Premier Video space in Airway Heights
Posted by Asa Jay in Entrepreneurial Internship, SchoolI got a call back from Stephanie McCathren of McCathren Management. The property they represent is the old Premier Video store on Hwy 2 in Airway Heights, located at . 12924 Hwy 2. Her number is 232-5160 x106. I was on the phone about 10 minutes asking questions, here are my notes:
- How much space?
- 3700 sq. ft.
- $13.50 triple net (common area maintenance).
- This works out to $49,950 per year.
- Five year lease at $4,162.50 per month.
- Heating and A/C
- Water and Sewer (restrooms are available)
- Phones
- Electric
I had to ask what triple net was, and I don’t know that I got a real good answer. I believe it referred to the portion of common area maintenance that is charged, which Stephanie told me was about $2.50 of the $13.50 per square foot. I was then told there was another party interested in the space, which began to sound like a typical used car sales tactic. Since I’m in no hurry while doing investigations, I told her what I was up to and that I would get back to her if I was interested in the space.
I felt nearly $5,000 per month was a lot to rent space (Holy Cow!). On a five year lease I would be out $250,000. At that price I figure I could just about build my own space. My wife mentioned how she had expected the space to be about that much since she used to work as an office manager in Spokane, so she’s more familiar with lease prices. I’ll have to see what the other spaces are going for.
What I learned:
- There’s a thing called Triple Net that may or may not be worked into the price and which I will have to be conscious of as I talk with other realtors.
- Leasing is spendy and they want a long lease term.
What I have to do:
- I need to get this information into a spreadsheet for comparisons.
That’s all for Today,
Asa Jay
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