What should I be asking for a 8-unit walk-up on Union St. (Bet 3rd and 4th Ave.) that has 5 vacancies and

Asked by Pat, San Francisco and Brooklyn Wed Jan 23, 2008

needs work? It's 27 ft x 55 ft, 4-story, C1 class 1920 brick building across from a newly built hotel.

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
Ronpkr, , Brooklyn, Queens
Thu Jan 24, 2008
FIRST YOU NEED TO GET A REALTOR WHO SHOULD VISIT THE PROPERTY TO GET FIRST HAND INFORMATION OF CONDITION . THE REALTOR WILL RUN A COMPS TO GET LATEST SALE PRICES IN THE AREA.
YOU CAN ALSO GET AN APPRAISAL FROM A PROFESSIONAL APPRAISER. THIS WILL GIVE YOU 3 OPTIONS TO ARRIVE AT A LISTING PRICE.
YOUR REALTOR WILL ALSO FACTOR IN OTHER VARIABLES THAT WILL DETERMINE OPTIMUM LISTING PRICE.
YOU NEED A GOOD REALTOR.
1 vote
Martha, , Brooklyn, NY
Tue May 22, 2012
I just sold an 8 Family building with no vacancies March 13th 2012 it closed for $1,250,000 and the rent roll was DHCR reg for $82,000 per yr all two bedroom apartments brick house 4 story rubber roof, gas heat the one drawback was the old electric they still had the fuses not the circut breakers

Each building is priced usually by its income or what it is reg for in the DHCR and its expenses no one will purchase a negative cash flow building unless they have other plans keeping a building vacant on your account having 5 empty apartments is a huge loss to you and really you would only keep one vacant to show and for owner if it will be owner occupied.

A brownstone or limestone house one or two family will go for much more than a building this size.
0 votes
Caesar Galin…, , Staten Island, NY
Mon Jul 14, 2008
Give me a call at (718) 698-2179 or ( 646) 302-1470 at Prosperity Real Estate Group, We are on Richmond ave as well, I can help you answer any questions you may have, this is not commitment to come with us. YOu can come and inquire about this even if you are already working with someone. Buying a property is a constitutional right, and we are here to make sure you are not provided with erroneous information.

My Name is Caesar Galindo Office manager, and Law Student at CUNY Law School.
0 votes
Michael Corl…, Agent, Brooklyn, NY
Sun Jul 13, 2008
Hi Pat,

Your property is located in the up zoned 4th avenue corridor between Flatbush ave and 21st street.

With that in mind, your property has significant air rights for developers interested in the location, along
with the vacancies your properties possess.

Here is the bad news: Your building's true value is dependent on the registered rent roll with NYS Department of Housing and Community Reinvestment, or affectionately known as DHCR.

Your ultimate buyer's valuation and offer of your property will depend on its use value.

I've marketed small multi unit properties in Gowanus and Bedford Stuyvesant to developers who have filed and initiated condo developments.

I'd be happy to discuss the location potential and its ultimate value to several end users.

You can contact me at (888) 360-5757 ext. 85 or email me at mcorley@corleyre.com.

Michael Corley
V.P., Sales and Marketing
Corley Realty Group inc.

http://www.CorleyRE.com
Web Reference:  http://www.CorleyRE.com
0 votes
Rhonda Holt, Agent, New York, NY
Wed Jul 2, 2008
Hello, my name is Rhonda Holt, top sales agent at Weichert Realtors along with my partner Pierre King, Associate Broker. We sold an 8 family unit down on Park Place and we just put another 8 family with 3 vacancies in contract yesterday located on Pacific Street.

Please give me a call so we can give you our expert opinion by seeing the property of course to see the condition, layout and location. All of these things also factor into the value of the home.

I look forward to your phone call and giving you the answers that you need.
Web Reference:  http://www.KandHhomes.com
0 votes
Caesar Galin…, , Staten Island, NY
Fri Mar 7, 2008
Give me a call at (718) 698-2179 at Prosperity Real Estate Group or you can email me at CGALINDO@PROSPERITYREG.com, We are on Richmond ave as well, I can help you answer any questions you may have, this is not commitment to come with us. YOu can call and inquire about this even if you are already working with someone. Buying and selling a properity is a constitutional right, and we are here to make sure you are not provided with erroneous information. We welcome this questions because it allows us to do research for you and ourselves which we can share with others.

My Name is Caesar Galindo Office manager, and Law Student at CUNY Law School.
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more