Commercial Retail Vs. Warehouse. Which is better to list as?

[Ryan Beasley]

I have a seller that I've been back in forth with about listing their property for about a week or two now. She owns a retail/warehouse building and is adamant about listing it as a warehouse and NOT retail. Why is this? I've heard that retail may have some leasing regulations by the city that warehouse may not have. However, from what I've digged up warehouses rent out for less per sqft than Retail buildings. Also, it's tough to get accurate info for Cap rates in my market as it is pretty information inefficient. Or else I could see if it is a cap rate issue. I would have to go door-to-door and ask what the lease rate is and what the owner bought it for (which I'm not opposed to doing). It just makes the information tougher to obtain. Anyways, my questions are: Why would they want to list Warehouse over Retail? Also, what are the best ways to obtain cap rate data in a local market? Besides the MLS.