Some of the most popular sites include: Digsy.com (their free network of licensed commercial real estate experts do all the searching for you to save you time finding restaurant space for lease ) Loopnet.com (you can search for commercial space for lease yourself, for a fee) BizBuySell.com (businesses for sale)
To help you, we have filtered the responses and prepared summary reports for the following areas:
|Survey Summary – All Respondents|
|Base Rent||Lower Quartile||Average|
|Monthly base rent||$3,000||$6,914|
|Square footage of restaurant||2,100||4,180|
|Base rent per sq. ft. – monthly||$1.00||$1.95|
A turnkey business is an established business that can be bought outright. The phrase ” turnkey ” comes from the idea that all the buyer has to do is open the door to customers—the business is ready to operate. Franchises are a common form of turnkey business, including restaurants like Subway and Tim Horton’s.
5 to 8 percent
Based on your research, the occupancy costs for your primary competitors range between 6% and 10%. Assuming you need 2,000 square feet to run your restaurant, you can pay between $5,000 and $8,300 per month including NNN charges.
On average, the cost to open a restaurant is between $100 and $800 per square foot, with costs varying based on location, concept, size, materials, new or existing location, and equipment.
Who pays for preparing a lease ? The Retail Leases Act 1994 (the Act) states that the landlord pays the full cost of preparing the lease , including the mortgagee consent fee. If the landlord or agent asks the tenant to pay the legal costs, the tenant should write to them and refer to sections 3 and 14 of the Act.
Commercial tenants should be able to spend 5% to 10% of their gross sales per foot on rent . Your gross sales divided by the location’s square footage will give you sales per square foot. For example, you estimate your business will make $300,000 per year in total sales, and you are looking at a 1,500 square foot space.
about five years
While there are not any industry barriers, poor business acumen, no management, and lack of financial planning among first-time restaurateurs are some of the primary reasons why restaurants fail .
A turnkey business is a business that is ready to use, existing in a condition that allows for immediate operation. The term ” turnkey ” is based on the concept of only needing to turn the key to unlock the doors to begin operations.
Simply put, a turn key property is ‘move in ready’ – fully complete property that an investor can purchase and immediately rent out.
between 2% and 6%
According to one study, restaurants in the U.S. spend an average of $2.90 per square foot on electricity and $0.85 per square foot on natural gas annually, which breaks down to about 3% to 5% of your restaurant’s overall operating costs.
Hopefully, this guide has answered the age-old question: “How much does it cost to rent out a restaurant for a night ?” Many restaurant rentals listed on Peerspace cost less than $100 an hour, while some can cost up to $500-$700 an hour.