All Forum Posts by: Ariel Jeidel

@Jefferson Brown

Some argue that we are losing demand right now with limited international travel. Likely balances each other out.

@Christopher Chen

Rent sounds crazy cheap, unless this is CA where they quote the rent monthly. Still would be very cheap rent. Ask For 3 years of sales. In general, 3% of sales is a good number for grocery store to pay in all in occupancy costs.

yes

@Bruce Woodruff Thanks for response. Looked through my texts to them, they actually never agreed. I sent them a notice by mail and then a text that I take their lack of response as acceptance.

Think I'm going to send them official notice that they are late on the $500 with late fee and see how they respond.

I raised tenant's rent from $4,500 to $5,000. Probably should have sent official notice right away but was a more personal relationship so took 3 months, maybe more, to pin them down as they ignored or didn't show to all my requests for phone call and meeting to discus. I know very large raise but probably could get more on market and my real estate taxes went up about 5k this year, so only really breaking even on this. Tenant was very unhappy and had a whole back and forth. Told them they are welcome to leave and find something cheaper. They went looking and realized they are still quite a bit below market and agreed to stay and pay the $5,000. Not comes the 5th of the month, and they only paid the old rent and are saying they won't pay $5,000 ...

This is NY, poor landlord rules, and don't know how I can get them to pay.

Advise?

 I have a family owing me 5k a month since November:(

This is a house that I want to live in as well.

We are a family office that owns retail in close to 20 states. Most of our property is in smaller, not great markets. We have tons of large vacancies. Some are 50,000sf or so boxes, probably 1,200,000 sf or so total vacancies. We also have some properties with 20+ acres of vacant land. Looking for some info to get me started in figuring out if it makes sense to turn into apartments or maybe industrial or self-storage. Any info is helpful. At this point, I think a ballpark number for what it cost to build per unit (assuming we focus on apartments) is probably a good start. I assume my next step would be figuring out if the market rent can justify that cost and if there are any local incentives to make it work. Thanks

Family Dollar usually reports sales, ask broker/seller for 3 years of sales and see how they are trending, what are FD total occupancy costs? Demising a space for smaller suites can be very expensive, and you are speculating on finding these tenants after work is done, you may be better off getting one tenant to take the space and then doing the work (this will also likely be expensive, but less and hopefully credit tenant). I would expect the other existing tenant to lose traffic and sales with Food Lion closing, FD does a nice amount of groceries (unless their lease doesn’t allow it) and they may do better now with Grocery closed. Reach out to me directly if you want ideas on possible replacement anchors.

https://www.cnbc.com/2021/06/1...

This author leaves her email address asking for tenants facing eviction to share  their story for upcoming article....

Don't know anything about housing in any of these markets. We own a retail strip and office building in Jackson County. In 2019 the county raised the assessed value from about 2MM to 9MM. There was absolutely no justification for this. Took us time, eventually we settled for 3.5MM, had to pay hefty fees to get there and this chased away some of our tenants as they have to reimburse for taxes. This was a county wide issue with them going crazy on the taxes. It was all over the papers, so be careful.