All Forum Posts by: Micheal Jonoba

There are 6 units that are stabilized, and 5 of which are currently renting below market. Thats the upside, plus I maybe able to reduce building expenses buy updating current heating systems. Installing new systems per unit, passing on those expenses to the tenants. However, that all requires buy-outs & renovations, which means investing more capital. Im wondering with the given information, what would be a good offer to make? I was around $3.2, but that may seem like a low ball to the seller. 

Yes it is, and according to some for Manhattan thats a good deal. 

Hello BP community,

I am a multi-family investor, up until now I been investing primarily out of NYC. Recently I have started to to explore the NYC Market. A Broker of mine brought a deal to me located near Colombia University. 

Building Info:

5,450 Rentable Square Footage

$5.00 p/sf Average area rent

10 Units 

Current Income/Expense:

Gross Income $315,847.00 Yearly 

Expenses: $121,095.00

NOI: $194,752.00

Current asking is $4.2m. From my analysis the building is currently performing very well, and may not allow for much opportunity for growth. However Im new to NYC markets therefore, What do you guys think of this deal? Just wanted to get some ideas, thoughts, insight from seasoned NYC investors in here.