Home Buying in Brooklyn>Question Details

Buyer22, Home Buyer in New York, NY

Looking at multi family properties in Brooklyn as an investment. Seems like for 600k or less you can achieve rent of 60k a year. Is this realistic?

Asked by Buyer22, New York, NY Fri Nov 11, 2011

There are a few properties I've seen on here that are divided into approximately 4-6 apartments and have a rent roll of over 60k, but how difficult are they to rent. This suggets rents achievable are approximately 1500-2000 a month for 2-3 beds in areas such as prospect park, flatbush etc, is that accurate? What level of rental demand is there for these sort of units and if anyone has any for sale that are tenanted then please contact me. I assume for this sort of investment property I'd be looking at 30% deposits that is fine, but what would the rental management fees be for me as I wouldnt want to manage the properties and tenants as I have a full time job.
All advice welcome, thanks

Help the community by answering this question:


i have a Brownstone legal 4 fam in Bedstuy Brooklyn for 659k fully renovated all vacant
with 80k income potential.
there is a very high demand for fully renovated apts in Bedstuy.

call me

Daniel 917-365-1926 http://www.danielproperties4u.com
0 votes Thank Flag Link Sun Nov 13, 2011
I don't see it as being realistic. 10x earnings is possible but I don't see it at that price range. I have a 6 family building the owner would like in excess of $1m - so do the math. Your looking at appx $100k in rent per year less taxes, insurance, expenses, vacancy rates etc... If $600k is your budget look towards Canarsie, contact me via email & I will be happy to provide you with listings in this & other areas that meet your criteria. Perhaps a mixed use building will better suit your needs

Jack Menashe
0 votes Thank Flag Link Sat Nov 12, 2011
Consider working with an agent of your own; keep in mind that there are many factors involved in determining realistic rent amounts/demand, such as location/quality of the neighborhood, condition, parking, any neighborhood amenities, proximity to schools, public transportation, highways, shopping, etc.
0 votes Thank Flag Link Sat Nov 12, 2011
Dear Buyer22:

There are deals like that available these days. It also depends on what part of Brooklyn you are talking about. There are many neighborhoods in Brooklyn where you can get a monthly rent of $1500.00 for a one bedroom as well. However, in the areas that command the higher rents, you probably will have to pay more than $600K. There is high demand for rentals in most parts of Brooklyn now and in general as the population is always growing in our city.

With regard to the deposit, you would have to negotiate that with the seller and if you are taking a mortgage you need to get yourself pre-qualified at a bank to make sure you will get the loan. Loans like this are harder to get these days so you must do your homework. With regard to the management fee, you would have to shop around several management companies. (do a search on Google).

If I can be of further assistance, please let me know. Good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Sat Nov 12, 2011
maybe, but it should be cash only
917 455 2217
0 votes Thank Flag Link Sat Nov 12, 2011
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