Can't find a tenant!

[Estelle Lee]

I purchased my property August 2013. Since then it's been gutted and renovated to a vanilla shell. It has been available for lease for nearly 2 years and I still don't have a tenant. I've gone through 3 real estate agents and I can't figure out why the building isn't being leased.

It's a free standing pad site in front of a major grocery store anchored plaza.  It has terrific visibility and is located on a fairly major road that sees roughly 25k cars/day.

The address is: 1040 N Edgewood Ave, Jacksonville, FL is anyone wants to take a look.

There are very few spaces available on this street and is located in a middle class mixed demographic neighborhood. 

My current rental rate is lower than the grocery anchored strip behind me.

Is it my agents? Or is there something else I should be doing? We're on Loopnet. Every agent I've worked with says the same thing and they work diligently on it the first few weeks and then they practically vanish and I have to call several times to actually get an update.

Should I try leasing it myself? I am a licensed agent but I work full time in financ and would only be able to proactively do something on nights and weekends.

Any advice would be wonderful.

[Jeff B.]

I checked loopnet and you are at $12.75 a sq ft.  You need to determine how many more month's you can float this property before you lose it to foreclosure.  I know I am harsh when I speak but I've had to give this reality check to my commercial property partners before.

This is one of the best looking buildings from the outside compared to the surrounding buildings but that does Not mean you will find the right tenant easily.

1st you need to put a sign out front of the building on sq ft, price, agent to call. I hate the signs with just the agents name and phone number, what are they selling with a sign like that? Next you need to realize you lost $72,000 in 2 years at $3000.00 or approx $11.50 a sq ft which is probably where you need to be. Your NNN lease will have the yearly increases in there but you can't execute until you have a tenant.

Lastly you need to ask the agents how many showings they have had and what sort of feedback they are getting from prospective tenants.  Everyone knows it is about trying to work a deal that is fair for all and makes good business sense for both businesses.