Just a quick question to all the owners, if you rent how much is it that you pay? I am currently looking into a few places with varrying rents and trying to figure out what is the normal.
Rent
- Thread starter easymoney1
- Start date
It really depends on your area and the location. But in general you can expect to pay $9-$12 a sq. foot yearly in a prime/semi-prime location. Off beat location could be $4-$6 a sq. foot. Neither including utilities or any extras usually tied into a lease such as property maintainence etc..
Of course in parts of NYC and other high prime cities you would pay a ton more.
Hope that helps.
Of course in parts of NYC and other high prime cities you would pay a ton more.
Hope that helps.
I would suggest working backwards. See what the market you select will support. Will they pay $3.00 for a bottle beer or only $1.75. Will they pay $5.00/hr for pool per person or only $4.25. This will make or break you much more than rent. If you are only paying $4,000.00 a month rent but choose a place that has zero disposable income you are still screwed. Check the census bureau website for income for the zip code and compare it with unemployment for the area and also similar forms of entertainment you will be competing with. Good luck with your adventure in pool.
I would also take into account the market right now for real estate. You can negotiate your lease/terms with the owners more so now than ever before. Some owners might be receptive to reducing the rent just to fill the space or lessening the length of the lease. If you have more available cash, you should look into buying rather than renting. If you do all the things that Craig suggested, which is really good advice, you might find it more cost effective to buy rather than rent with the added bonus of having that equity.
I might add that ladlords that wouldn't allow poolrooms in their strip-malls and other type buildings might think twice now. I know it's a very bad time to open just about any business, but people with a good business plans that couldn't find the spot they wanted might want to revisit some of the buildings that didn't want a poolroom a year ago. Johnnyt