The best way to find out is to go to an experienced broker dealing in properties in that area. Another way is to use the "Search Recent Sales" section of Loopnet - call Loopnet to ask them how to do this. You may also want to call property managers in the area. And if you have the personality and tenacity you may also go door-to-door asking tenants how much they pay per sq ft. Take into account that with methods 3 and 4, you may be met with refusal or dishonest answers. Sometimes some of the larger real estate companies keep track of rental rates. There are many other ways and companies that provide this data, but this is a start....Good luck!
Sep 7, 2010