No, in commercial real estate when you say $30/sqft it's already annualized. That's 30 / 12 = $2.5/sqft/mo. Also you're looking at listings for 10k or less, at 500k space it's a very very very different game.

Wouldn't you get a break on larger warehouses versus smaller ones?

Also, as a comparable, I'm checking out this:

https://www.houston.org/newgen/17_Commercial_Real_Estate/17C...

San Francisco (highest I could find) - is $34.32/sq foot/annually. So, applying your rule, one would pay $34/sq/foot/month. So - a typical 1500 square foot commercial office would be $51,000/month? Seems high even for San Francisco. If we instead divided by 12, $2.86/sf/month, then $4300/month for 1500 square feet seems within the realm of reason.

How certain are you that these rates are already converted into monthly values?

I found one monthly rate for Kentucky, 2,500 - 8,432 SF, $1,016 - 5,578 (Monthly).

That would be $0.40/month - $0.66/month, or, multiplied by 12, $4.80-$8/year. Right within the expected range.

Here's good comparable with monthly and annual rates (it's big, modern):

http://www.kcrea.com/listing/29969851/9101-Minor-Ln-Louisvil...

324,730 sq feet. $3.95 PSF/Annual or $106,890/month.

$106,890 * 12 = $1,282,680/year / 324730 sq feet = $3.95/year/sq foot.

And you get 35 Docks on 21 acres to boot.

Great work. Do note that this is an NNN lease, though, which means the tenant pays property tax and operating expenses. For a new warehouse like this one, this site says these fees average 58% of the base rent: http://fgpcl.com/what-to-expect-with-triple-net

I appreciate you taking the time to do this research. A great HN conttibution.