Every property have value. It would be best to contact a commercial real estate broker to try to get a picture of the worth of your property. And all any broker can give you is what has sold in the pas and compare your building to that data and see where you fit. It's not perfect, but it works. It will give you a good idea, but to be honest the market place will tell you the real value. I have worked in commercial real estate for many years and have been involved in all sorts of transactions. I work primarily in investment sales, (which is what your property would be classified under) and retail leasing. Please feel free to call, there will be no pressure or obligation on your part and I can help you figure out your best next steps. The best way to reach me is either e-mail email@example.com or my cell 646.246.8476. If I dont answer please leave a message and I will call you back. Best of Luck!
Getting a good CMA will not cost you anything, while appraisal will cost over 2.5K.
In most cases, if selling, the buyer will do their own appraisal, so, unless you have to, don't do the appraisal.
If you want to get really involved, go take a look at similar properties offered for sale, and drive by those that were sold previously (used as comps by your commercial agent).
Hope this helps,
CDPE - Certified Distressed Property Expert
Beachfront Realty, Inc.
As a commercial real estate broker for five years at two of the aggressive firms in NYC, I have been called on to value many mixed-use properties such as yours.
Here is the process to a successful valuation:
- Complete the Walkthrough.
- Build a Competitive Sales List of recent Sales.
- Get a thorough Rent Roll from the Owner. If there are rent stabilized properties, receive a list of the legal rents from NYC's Dept of Housing & Community Renewals (DHCR). The legal rents are vital to knowing what the current base of rents are.
- Apply standard expense rules, in order to determine the Net Operating Income on the building.
- Apply a Market Rate Cap Rate (which is the current Ratio that similar buildings are selling for currently).
- Put all this into a detailed Market Valuation for the client.
I usually take three to four days after a walkthrough to build my valuation.
Hope any of this helps, and wish you luck in the market place!
- Ira Krivit
Licensed Real Estate Agent
We do Commercial and Residential Appraisals in Manhattan.
Jim Lanfranchi, Archer Meade Appraisals, 212-551-3556.
As you realized from dozens of answers below, no honest broker is capable of giving you a gestimate without building address and specs.
I'm pressuming you may want to modernize this yourself keeping it mixed use or even converting it to a one, two + family home if you have money to invest into this project. Exploring a joint venture or selling are also great options, depending on what you are trying to accomplish.
If you are up to it, it may be best to schedule an appointment with you for a preview and valuation. My manager has 20 plus years selling New York buildings and knows the Townhouse market inside and out. You really need someone who specializes in buildings to help and guide you.
We'll be happy to answer any and all of your questions.
Whether you have a property in Manhattan that you wish to sell or you are interested in acquiring property. Spencer is available to assist you.
Spencer Sutton - BondNewYork
I would suggest contacting an appraiser regarding the value. Also after you have established the financial status of your building and how much your annual expenses are going to be, if you find that you are not interested in taking on that much responsibility and want to sell it, then please contact me. I have a possible buyer.
If you are thinking of selling your home, we can help to quickly sell your property. I will also, handle all the details for you so that your property will close in a smooth and expeditious manner. I will professionally guide you through all the paperwork and negotiations on your behalf (including meeting with agents, lawyers, banks, inspectors and appraisers).
That's a pretty cool inheritance, but could cost you lots of money if not handled correctly!
The secret to successful real estate investments is determining the "highest & best use", which is obviously dependent on many different factors such as the economy, location, condition of the property, etc. etc. The only way to determine the value is to do an in-depth analysis, accompanied by an inspection and appraisal. I'd be happy to assist.
Jacobus (JJ) du Plooy
You have inherited something truly valuable indeed and I would not worry about the fact that it has not been updated. There are many possible uses based upon a number of factors. It can't be answered without a viewing and a lot of information. You should have an experienced agent with a good knowledge of SoHo meet with you and get more information and see the property.
Halstead Property, SoHo office
With inheritence comes responsibilities, taxes insurance etc...
i can give you an estimate of the value of your property, however it is best if i come by and valuate it
from the standpoint of a broker.
In addition, you definitely should use an apraisor and make sure that the apraisor is from Manhattan since out of twon apraisors do not know what they are talking about.
If you need help or have any questions, please feel free to contact me at 646-660-0060 or e-mail me at firstname.lastname@example.org
Sr Asso Broker