Looking at a 5200 sqft spot right on Main St in Seal Beach. Currently retail, but the listing claims restaurant permitting is "underway". The rent they are asking is throwing me off. They quoted $2.50 to $4.00 PSF (plus $0.70 NNN). That is a massive spread. I get it depends on if they hand it over as-is or as a warm shell with some TI, but is a $1.50/sqft difference actually worth it just to have the landlord do the bare minimum buildout? Should I just take it as-is for the $2.50 and handle the restaurant conversion myself? Also, anyone have experience with the city of Seal Beach? "Permitting underway" sounds like broker-speak for "you'll be paying rent for 9 months while waiting on the city." Appreciate any insight. submitted by /u/_sandeep1995 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1rqnjiw/retail_to_restaurant_conversion_is_this_lease/
Obviously, it’s double sided. And this is not a full on market analysis. This is just me observing based on my area, which is in the sunbelt. In summer 2024, I bought a small house. 950 sqft. 3 bed, 1 bath. It’s in a highly desirable area. Big for young professionals and young families, but a bad school zone, so people don’t live here really once their kids hit the age of 4 or 5. People upgrade in size and zoning at that point. Lots of rentals, young families, and some elderly live here. I paid about $330K for this small, not very updated, 950 sqft 3/1. $330K is fair or even favorable to a buyer for this area, but still. I see the argument everywhere that it’s asinine that these 900 sqft or 1000 sqft 1950’s shoeboxes are going for such insane prices. Well if you think about it, it’s simply just not an insane price at all. An older friend of mine bought a very similar house in this same area for about $170K in 2006 (or 2007, I’m not entirely sure but it’s one of those years). So, re...