Have you ever wondered why the cost of a piece of land or a commercial building is priced the way it is? Understanding how commercial property is valued can be difficult, so we’d like to clear up a few ways property is priced, and why they make sense.

If you’re looking for fairly-priced commercial properties for sale or lease, get in touch with our team at Miller Properties today!

1. Rebuild Cost

When determining the value of commercial property, the rebuild cost will likely be part of the discussion. If the entire structure were destroyed by accident, natural disaster or other means, what would be the cost to rebuild it?

The rebuild cost is based on building the structure entirely from new materials and replacing what was. In order to arrive at a fair value, you have to determine the current and future cost of the land, materials, and labor needed.

You may look at a building and believe it’s only worth $250,000, but it might cost $375,000 to rebuild it as-is, which pushes the sale cost higher.

2. Recent Area Sales

Another method of figuring out how commercial property is valued is by using the market approach. Here you take recent area sales data for surrounding properties. By looking at the amenities and features of each property and comparing them against yours, along with their sale price, you can begin to build an accurate picture of the value of your commercial building or property.

Depending on the market, it may be hard to find similar properties which have recently sold, and so this method can be hard to utilize.

3. Associated Costs

One more major way of figuring out how commercial property is valued is by looking at the associated costs. With the commercial building or property you’re looking at leasing, are there utility, maintenance, parking or other costs you’ll be responsible for?

These associated costs can cause a property’s value to rise or fall, so it’s important to determine up front if they’re rolled into a lease or not so you can make an accurate comparison between your options.

Centre-Place-Mall

When leasing commercial property, there are a number of factors you’ll need to keep track of to ensure the property fits your needs. We’ve put together a list below for you to check while negotiating your contract.

If you’re looking for fairly-priced commercial properties for sale or lease, get in touch with our team at Miller Properties today!

1. Real Space

The first factor to track when leasing commercial property is to determine the true amount of space you have available to your business. When leasing a space, the usable square footage is usually less than the rental square footage.

In some buildings, you may have use of common hallways, bathrooms, storage areas or other spaces which aren’t included as part of your rental square footage.

2. Lease Term

Be mindful of what your company needs when discussing lease terms like amount and length. The longer your lease term is, the more power you’ll have in negotiating your monthly payments. The shorter your lease term, the less flexible the leasing company will be.

A longer lease also locks your business into the space longer, which means you’ll be less able to respond to the need for more space if your business grows.

3. Associated Costs

When leasing commercial property, be aware of the costs associated with the property which are outside of your normal rent payment. This may include maintenance costs, insurance, property taxes, utilities and more.

It’s important to have a clear picture of which costs you will be responsible for.

4. Improvements

It’s easy to overlook improvements when leasing commercial property, but you’ll need to look at these issues in your lease.

You may need to make improvements or modifications to a space to serve your needs, like new seating, carpets, cabinets and more. It’s important to know whether you need consent to make changes, and who owns those improvements after the lease ends.

Suncrest business lots for sale

At Miller Properties & Investments, we’re proud of our commercial land for sale across the greater St. Cloud area. In our blog, we like to feature some of them, like SunCrest Business Park!

Check out SunCrest Business Park below, and contact us if you think it fits you or your client’s needs.

SunCrest Business Park

Suncrest business lots for sale

Along County Road 75 South, SunCrest Business Park is a high demand location in a growth area of St. Cloud. This commercial land for sale in St. Cloud, MN has two plots available, one of about 130,000 square feet and another of 190,000 square feet.

It’s truly an extraordinary opportunity for space right in the heart of one of St. Cloud’s fastest growing areas.

Area Businesses

Businesses around SunCrest Business Park currently are: Spanier Bus Service, St. Cloud School Of Dance, Northern Business Products, Redneck Trailer Supplies, SunCrest Tax Service, BlueLine Sports Bar & Grill and more. These area businesses will help expose your location to more people, making it easier to find for employees and clients.

Located about midway between I-94 and Cooper Avenue on County Road 75, you’ll love this location!

Contact us when you’re ready to get your hands on this commercial land for sale!

Centre Place Mall

At Miller Properties & Investments, we’re proud of the commercial buildings we own and operate across the greater St. Cloud area. In our blog, we like to feature those buildings with office space for rent, like Centre Place Mall!

Check out Centre Place Mall below, and while all suites are currently rented, contact us if you think it fits your needs.

Centre Place Mall

At 4170 West Division Street, Centre Place Mall has tons of exposure to the busiest street in St. Cloud! With a great mix of retail, restaurant and office space, this building sees a lot of foot traffic every day. All suites are currently leased.

It’s truly an extraordinary opportunity for retail or office space right in the heart of St. Cloud’s retail corridor. Plus it has extremely easy access in and out from both directions with excellent parking.

Area Tenants

Tenants at Centre Place Mall currently are a nice mix of service and restaurant: Sprint, Select Comfort Beds, Sun Tan City, Hajime Asian Bistro, Erbert & Gerbert’s Subs and the U.S. Post Office! These fellow tenants will bring in plenty of foot traffic, exposing your brand to plenty of new people.

Other big draw businesses in the area include Applebee’s, Best Buy, Ashley HomeStore and the Crossroads Mall.

Contact us when you’re ready to get your hands on this office space for rent!

2nd Street Corporate Center

There are a lot of things to keep in mind when searching for a commercial lease partner. The location, pricing, amenities provided, even the parking lot available to your employees and clients.

Those are definitely great things to look for, but there are a number of other traits we think are also important, which can often be overlooked in the rush to find the perfect property. Here are the four qualities we think are extremely important for a commercial lease partner.

Get in touch today to work with a great commercial lease partner!

1. Variety Of Properties

At Miller Properties, we believe having a variety of properties across the greater St. Cloud area allows us versatility not many other commercial lease partners can match.

When choosing your first lease from us, you have plenty of choices, but where this really comes into play is when your business (hopefully) expands, as you’ll be able to work with a trusted partner to move into larger space very easily!

2. Personal Touch

At Miller Properties, we’re a family. We’re a small company with a huge impact on the business and consumer community in the greater St. Cloud area, and we’d love to work with you and get to know you and help your business!

3. Professionalism

From answering the phone to taking you on a tour of a commercial suite, our commercial lease team is steeped in professional care. We want to give you the best experience possible because we thrive on good referrals.

4. Maintenance/Cleanliness

Our goal is to make sure you and your clients have a great first impression of Miller properties. We employ full-time maintenance staff, with on-call coverage outside of normal business hours. Our team inspects our buildings and properties on a regular basis, paints, washes windows and more.

Get in touch with our team today to start the search for your business’ new home.