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In addition, management companies and realtors who specialize in this area maintain networks of contractors and tradespeople who will swiftly attend to any repairs or renovations the property needs. Leasing can sometimes take an entire month's rent while renewal often hovers around $200 as a fixed fee, assuming a monthly rent of $2,000.
When investing in commercial real estate, understanding property classes helps gauge a buildings quality, risk profile, and renovation potential. Class C : Older buildings in less desirable locations, often needing significant renovations. Local market nuances, renovations, and subjective assessments can all shift a propertys status.
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