How to list/rent storefront commercial space

[Ty Doke]

Hello All!

I would love advice on a commercial property.  It is a mixed use, some apartments on the lower level.  On the upper level, which is storefront, on main street in a small town in Nebraska is approximately 3500 SqFt of unused vacant storefront commercial space.  I would like to rent the commercial space but would love any advice on how to advertise and what is common to offer.  My biggest question is how to structure a commercial lease.  I have been exposed to this and I do understand every deal is structured different depending on the needs of the owner and lease holder.  I am just curious if anyone has any advice they would be willing to share.  

The biggest issue is that my resources are currently tied up on renovating the existing apartments.  The commercial space is raw (previous grocery store) and will need a build out.  So, with that build out needed is there a specific way anyone would propose listing it?  Should I list it as is, with a raw space lease price and allow them to complete their own build out?  Should I offer free rent for a period of time, and have the future tenant invest their own funds towards the renovation?  Any advice on previous experience with raw commercial space would be greatly appreciated!  

Thank you for taking the time to read this and offer any wisdom!  :) 

-Ty

[Chris Seveney]

Quote from @Ty Doke:

Hello All!

I would love advice on a commercial property.  It is a mixed use, some apartments on the lower level.  On the upper level, which is storefront, on main street in a small town in Nebraska is approximately 3500 SqFt of unused vacant storefront commercial space.  I would like to rent the commercial space but would love any advice on how to advertise and what is common to offer.  My biggest question is how to structure a commercial lease.  I have been exposed to this and I do understand every deal is structured different depending on the needs of the owner and lease holder.  I am just curious if anyone has any advice they would be willing to share.  

The biggest issue is that my resources are currently tied up on renovating the existing apartments.  The commercial space is raw (previous grocery store) and will need a build out.  So, with that build out needed is there a specific way anyone would propose listing it?  Should I list it as is, with a raw space lease price and allow them to complete their own build out?  Should I offer free rent for a period of time, and have the future tenant invest their own funds towards the renovation?  Any advice on previous experience with raw commercial space would be greatly appreciated!  

Thank you for taking the time to read this and offer any wisdom!  :) 

-Ty

 If you cannot complete the renovation inside for the commercial space then your best bet would be to offer free rent and let the tenant build out the space.

The other option is to bring on an equity partner that can get it in better shape so it has a better chance of renting.