Home Selling in Philadelphia>Question Details

Eric Hiltner, Real Estate Pro in New York, NY

How do I get comps for 3037 N Broad street, Philadelphia, Pa 19140?

Asked by Eric Hiltner, New York, NY Sun Jan 29, 2012

How much would this 8 unit property sell for in 3 month after renovation? It has 6 efficiencies and 2 2 bedroom units in it.

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Answers

9
Hi Eric,

I've worked with alot of NY investors who have completed flips and long term cash flowing rental properties in the Temple University Hospital area as well as TU Main Campus.

Please feel free to contact me to discuss your project. I can help you comp out the units and project realistic market rent rolls to use in your financial analysis.

All the best,
Larry Lichtman
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994
2 votes Thank Flag Link Tue Jan 31, 2012
Why sell? If you can compete with some of the other nice rentals that draw from the dental school you can postion yourself with strong rental income. If you do have to sell you better make sure the building is leased up and priced with a good cap rate. That would be how you price/comp it so to speak.

Carl Caldas
CITYSPACE
2200 Walnut St.
Phila, PA 19103
ccaldas@phillycityspace.com
215-279-1897
0 votes Thank Flag Link Mon Jan 30, 2012
I can do that for you...please contact me at tina.dejesse@prufoxroach.com thanks!
0 votes Thank Flag Link Mon Jan 30, 2012
call a local agent they can tell you for free. good luck- if you offer rent to own -owner financing post them for free below
0 votes Thank Flag Link Sun Jan 29, 2012
Call me, but you can get an estimate at Zillow and Eppraisal.

R. Eric Axelson, Associate Broker
Licensed in NJ and PA
Luxury Home Specialist

Kurfiss Sotheby's International Realty
856.617.1212 in NJ
267.507.2287 in PA
eric@axelsongroup.com
http://www.homefinder360.com

Award-Winning, Multi-Million-Dollar Producer
Most Prestigious Real Estate Company, Luxury Institute
0 votes Thank Flag Link Sun Jan 29, 2012
Eric,

your question begs more questions for any kind of useful answer.

To guestimate yourself - try zillow et al. IMO the least valuable in an investment property scenario as you are unlikely to have the anwers to the questions below, about your place.

1. Rented or Vacant. - and if rented the leases and financials
2. "Rennovation" lipstick (paint carpet) or real work - systems new(er) etc.
3. Utilities - owner pays, tennant pays - or some kind of split.

All critical questions that dramatically change any true picture of value.

Want good numbers. Hire a realtor from the area experienced with investment properties, not the king or queen of (my beautiful) owner occupied re-sale homes. that is me, and others who post anwers.

Contact me if you'd like to talk further

John Leonard
Long & Foster Real Estate
610-742-9389
john.leonard@lnf.com
0 votes Thank Flag Link Sun Jan 29, 2012
Eric, you can do some preliminary research on your own through trulia, zillow, and other online resources. As they mentioned, the next step is selecting a broker to run a CMA. Even better if the broker has experience running BPOs (broker price opinion). If you'd like to call me to chat, feel free. 215-467-4100.
Web Reference: http://jg-realestate.com
0 votes Thank Flag Link Sun Jan 29, 2012
Eric

It sounds like very unique property. It depends not only on the comps but what the rental rates will be.

You may want to consider having a professional appraisal done after you complete renovations & check out the rental comps since any investor/purchaser is going to look at cap rate/cash flow first.

If I can be of further assistance, please get in touch.

Barbara L Smith
Weichert Realtors
NJ & PA Licensed Agent
Cell/Text: 609-980-7593
email: BarbSmith321@comcast.net
0 votes Thank Flag Link Sun Jan 29, 2012
Hi, Eric.

Your best bet would be to select a local Philadelphia agent and work with him/her on your goals for this project. If you need any help determining values for Philadelphia investment opportunities, please let me know.

All of my contact information is listed below.

Thanks,
Tim

Timothy Garrity | Realtor & Consultant
Licensed Real Estate Salesperson - #RS314897
215-829-8850 Office
267-879-2716 Mobile
tim@usspaces.com
0 votes Thank Flag Link Sun Jan 29, 2012
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