Property Q&A in New York>Question Details

john crovine, Home Buyer in Sanford, NC

how much is a property like this worth in this market?

Asked by john crovine, Sanford, NC Sun Apr 29, 2012…

Help the community by answering this question:


This property is well located in terms the future plans for the Second Avenue subway and may be a good investment. Some due diliegence is required as regards current rental income and expenses. New York City records indicate that a total income from the apartemnts and retail units was just under $225,000 in 2009 with expenses and property taxes amounting to approx. $198,000.
The key to investment potential would be the upside in terms of rental growth and prudent cost control.

If you would like to discuss this property or others in more detail please contact me on 212-303-5242.

Peter Kennedy
Licensed real estate salesperson
Prudential Douglas Elliman
575 Madison Avenue
0 votes Thank Flag Link Mon Apr 30, 2012
Hello John,

This property, considering it has retail and 18 units, depends on the current rents and cap rate. Ideally, investment properties like this, if you wanted to buy, would be worth whatever you are willing to pay and the seller accepts.

If I was your agent, we'd want to approach the seller with qualified credentials that we could actually acquire the building for a reasonable amount or that you have the buying capacity of $8.5 million, the last listing price for this property. Then, we'd ask to see a operating statement of the building to prove the monthly income. Additionally, we'd want to analyze what you are interested in banking (taking home) each month from the building.

After all of the financial review, we'd then want to throughly inspect the unit, see if it needs upgrades anywhere, then negoitate on a final price.

If you are interested in continuing the conversation of this building, we can talk anytime. Reach out and I will help you all that I can.
0 votes Thank Flag Link Mon Apr 30, 2012
You should ask your real estate broker to give you an assessment based on comps. The great thing about this property is that all 20 units are free market rent with 4 commercial spaces.

I am a part time working licensed assistant real estate appraiser and can help tell you how much this property is worth by contracting my services.

You will need to do some valuation analysis on this property to know how much it is really worth. Although, I do not see that this building is on the market.

Jennifer Chiongbian
SVP/ Associate Broker
Rutenberg Realty NYC
0 votes Thank Flag Link Sun Apr 29, 2012
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