Need help pricing a 4 family in NYC

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I am a private seller and would like to price this house for a quick sale. It is a 4 family located near the Queens/Bklyn border. It is considered Glendale/Ridgewood. It is a short walk to the M train with easy access to Brooklyn and Manhattan and 1 block away from express buses to NYC.

Each 2 bedroom apartment was renovated in the last 10 years and all are in great condition. They are about 800 sqft each. 3 apartments will be vacant on title.  Fully finished basement. 2 apartments have access to a backyard patio.  1 apartment has central air. Average rent for this area is $1800-$2200.

What would be a good selling price for this house? 

Thanks in advance!

[Nick Hakim]

Hi Anthony - 

Happy to help you value this property, but I would need a few more things to accurately value the property. Here are a few questions that any investor is going to ask when analyzing your property:

1. How many square feet is the property? (price per square foot is arguably the most common metric to value an investment, especially a property that will be delivered mostly vacant)
2. What are the current taxes, and who is responsible for paying utilities?
3. What is the current condition of the property's structural components? (the state of roof, siding, windows, etc can significantly affect the value of your property)
4. What is the current condition of the interior units? (you mentioned that the units have been renovated in the last 10 years, but in a hyper competitive market like Brooklyn or Queens, 10 year old renovations are considered outdated by most investors and renters. Also, 10 year old renovations will most likely not achieve market rents, which means that any buyer will need to invest in renovating the units)
5. Is the basement unit a "legal" basement unit? (does it have two means of egress and windows?)

These are the main questions that most investors will ask when analyzing your property. If you don't feel comfortable sharing detailed information on the public forum feel free to PM me and I would be happy to help you arrive at a fair market value for this property. I also know of a few investors in this sub-market who may be interested in such an opportunity.

Looking forward to hearing from you.

Nick