Sell or Lease? What is the market price to sell my commercial restaurant property ?

[Rebecca Jao]

Hello everyone, 

New to this. Please help!! My husband and I own a free standing 5K sqft restaurant building in Tempe, AZ (1 mile away from ASU). We operate an restaurant in this location for 10+ years now. There is a lot of hard work. In the past 3 years, I frequently have investors who is interested in this building and asking the same question, "How much will you sell this building?". My husband and I wonder that what shall we do next, either lease it or sell it. What will be the fair market lease price and sell price in Tempe, AZ. If I lease it, what is a fair CAM per sqft Landlord shall charge beside the base rent in Triple NNN lease? I looked some comparisons on loopnet and other sources. The sell price per sqft ranges from $1,200 to $400. They are such a huge difference. I know the commercial building sell price is related to lease value too. Shall we lease it out first with good tenant to increase the value of the building and sell it done in the road? During our journey in the past, there are few bad experience that we got ripped off, so this time, I am going to do my research and try to make the right decision. Please help and thank you for your time to hear from me. We appreciate.