Bob, Home Seller in Syracuse, NY

I'm thinking of putting my rental property on the market. It is located on N Townsend St. I have a three family, six bedroom, three bath

Asked by Bob, Syracuse, NY Thu May 3, 2012

property. What should be the asking price for this location.

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Answers

6
Bob or susan, call me 3156576181 - Samantha Lee

I did some Research on your property. I haven't had a chance to drive by though.

My client is looking for a property as close to St. Josesph's as possible, this could work perfectly.

I see you acquired the home in 2004 and you live in Cali. Give me a call as soon as you can. 315-657-6181

http://Www.samanthaleere.com
1 vote Thank Flag Link Thu May 3, 2012
Deciding on a listing price for investment properties is very different from deciding on a listing price for an owner occupied property. A simple comparison to other properties similar to your property is not the way it is done. There are factors that investors look for to see if it is a wise investment.
The main factor an investor is interested in is what is the annual income the property will provide. This is figured by computing the Net Operating Income (NOI) divided by Property Value (V) giving you the Capitalization Rate (Cap Rate or R). Many investors are looking for a cap rate of 10-12.
NOI / V = R (Cap Rate)
Another way a prospective buyer might figure out what they are willing to pay is by taking the
NOI dividing it by the R ( Cap Rate ) which equals the V.
NOI / R = V

Mary Seidel
Syracuse Realty Group
GRI,SRES,CBR
315-440-1547
1 vote Thank Flag Link Thu May 3, 2012
Value of investment property will be related to location and condition. is it currently fully rented, what are the rents ,

what is the condition and finally what is the competition and other area sales. No quick answer here., but I would be glad to help.



Patricia McShane] Broker CRS, GRI,
MC SHANE REAL ESTATE INC
\
315-487-1929
CELL 315-436-1366
1-800-244-1929
0 votes Thank Flag Link Thu May 3, 2012
That all depends on the condition of the units. Are they occupied ? Are they on month to month or 1 year leases? (1 year leases being more value)If they are fully occupied and getting a decent rent you can price your property on a cap rate . Investors usually look for a high cap rat of 10 or more on rentals in that area. Remember , the higher the risk the lower a buyer is willing to pay. If you want to talk more email me at dmanzanojr@huntrealestate.com

David Manzano jr.
Hunt real estate ERA
Web Reference: http://Davidmanzanojr.com
0 votes Thank Flag Link Thu May 3, 2012
You really need to have a market analysis done for your home. A real estate professional will need to see your home and compare it to others like it in order to price it properly. Call me to set up an appointment to come and talk to you about the value of your home. Jennifer Fowler 315-729-9430
0 votes Thank Flag Link Thu May 3, 2012
Bob,

Let me know I would be interested in meeting with you.

I own rentals as well.

Chris Barnes
Keller Williams
Web Reference: http://www.cnyproagent.com
0 votes Thank Flag Link Thu May 3, 2012
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