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Updated over 3 years ago,
Average Multifamily expense
Hello, I am new here and had a question I am hoping to get some answers on. I recently reviewed some details on an 8 unit property and I am curious what everyone averages for expenses on smaller Multifamily apartments? This particular property had around 625+/unit in cleaning expenses and normally has around $1,875/unit in repairs/supplies and about $700/unit for insurance annually. The yearly totals came out to be $15,000 in repairs/supplies, $5,700 in taxes, and $5,000 in cleaning expenses. Compared to other publicly listed properties I have seen these seem high but I’m not sure what to compare to exactly. If anyone could give some insight into what their average expenses per unit are in these areas I would very much appreciate it. Thanks!