Taking over commercial building with current tenants

[Bryant Blackwelder]

Hey everyone! I am buying a triplex and commercial building today through Owner Finance! I am hoping the triplex tenants will be gone soon, but the commercial building has tenants that have been there for the last 20 years and have been on a month to month basis for several years now. They are paying $450 in a 660 sq ft building and they have two businesses in there. Now in Maryville, TN the average rent now for that sq ft is $800 a month. I was talking to the person I am buying them from and he said he hasn’t raised the rent because he has only done the bare minimum lately but it needs to be raised.

Asking what would/ should I do in this case as this is my first commercial building