First Commercial Deal

[David Worker]

Hi I'm typically a long term residential investor but I came across a deal that is a mixture of commercial and residential space that I'm interested in. I have a few questions on the commercial side since I've never dealt with it. Here's a little info on the property. It's 4 ground floor commercial units (each about 500 sq ft) and the second floor is 2 studio apartments and a 2 bedroom apartment in my hometown, Springfield, IL.

1. What is the typical vacancy rate I can expect for commercial units?

2. What is a fair price point to charge for these units?

3. How long of a lease do you typically sign for a commercial tenant?

4. Is the eviction process similar to residential (30, 10, and 5 day notices depending on the situation)?

5. Where is the best place to advertise for a commercial vacancy?

Any or all answers would be very helpful, thank you!!