Suggested Yearly Rent Increase

[socalmgr]

Hello All.

Question on suggested retail rent increase. The applicant is asking for a 3 year lease with a 3 year option on a 1000 sqft retail strip mall corner with parking, bathroom. Going rate is about $1.8-$2/sq ft.

6 units total

Does anyone have a suggestion on a rent increase in So Cal Pasadena area for such a lease?

Modified Gross (they pay for elect and their own liability Ins), landlord pays for partial common elect, water and Prop Ins and Prop Tax.

Thanks