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Gentlemen. You see and have heard buyers offering 20 x’s income for 6 families in Ridgewood by the train.
And some owners refusing that. There is just a few left that are Diamonds in the Ruff.
Here is one building worth at least 17 x’s Income.
Entire building renovated. All apartments renovated with new tenants in place paying going rents.
Sure you can buy buildings at 15x’s income. But you need to spend almost $200k for renovations, paying tenants to get out, and 2 years of downtime. To find a 12 Unit Brick with One bedroom and Studio apartments is a Win Win situation.
Less people, less water bills, less bicycles, less noise, and less complaints since everything is new.
And if you buy now, rents go up every year so your real cost factor of 17x’s income now, will end up being 14.5 x’s with the 2018 rents.
OF COURSE I CAN ONLY ADVISE YOU WITH 38 YEARS OF EXPERIENCE. IT IS UP TO YOU!
1731 Cornelia St. Income and Expenses
12 FAMILY Brick-BUILDING ALL REMODELED
One bedroom and studio apartments. Less headaches
Reduced Now ASKING $3,450,000-OFFERS COMING IN, AND OWNERS RECENTLY COUNTERED OFFERED AT
$3.2 MILLION. SO MEET IN THE MIDDLE IF YOU REALLY WANT THIS BUILDING. $3,150,000 WILL DO IT!
Real Estate taxes $33,041.00
INSURANCE $ 3,596.00
FUEL $ 3,206.00 OIL TO GAS CONVERSION DONE OCT. 2015
ELECTRIC $ 1,140.00
WATER/SEWAR $ 6,618.00
REPAIR/MAINT. $ 4,700.00
SUPER/JANITORIAL $ 1,872.00
TOTAL EXPENSES $ 54,173.00
DIVERSE REAL ESTATE 73-12 METROPOLITAN AVENUE
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A great property for you to identify your 1031 Exchange now before it is too late!
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