All Forum Posts by: Steve Mcdonald

My agent told me about ocean city NJ and said I should include it in my portfolio. I am looking to purchase a commercial condo in ocean city. 

I read that it is more family oriented but Is it really better then the others beaches or is it just hyped up? For me Newport RI, Cape cod, Cape May, Wildwoods all look nice.

Had few questions.

Is it worth investing in commercial condo in ocean city nj?

If so where is the best part to purchase and rent out?

Are they easy to rent?

I understand they are seasonal businesses. Do they actually do well or do they just close and a new guy comes in every year.

Thanks for all your help. I am still learning about NJ places.

Hello all,

I am currently purchasing a non conforming Commercial Condo in Jersey City Heights which has an active store.

I had few questions and appreciate any insights anyone can provide.

1. Can the store lose it grandfather rights? It is located under a large apartment building. I will never be making any major changes.

2. What does an approved CA means?

3. If it already has a CA and I am continuing the same business or decide to rent it. Do I need to apply for a CCO?

4. I see many stores located throughout Jersey City where the stores have been closed for many years?

5. How is the JC Heights West Slopes and is there lot of development going on at this time?

6. What is the going rent for commercial space in JC Heights west slopes?

7. How is Jersey city building department vs other municipalities? Are they business friendly?

8. What is the price I should be paying for grandfather store

Most of the stores I see closed for many years are in 2 family and 3 familys around jersey city.

Also anything I need to lookout for or any checklist I should follow.

What is the price for non conforming condo stores in these areas?

Thank you for all your help.

Thank you again for all your help!

Hello all,

I am currently purchasing a non conforming Commercial Condo in Jersey City Heights which has an active store.

I had few questions and appreciate any insights anyone can provide.

1. Can the store lose it grandfather rights? It is located under a large apartment building. I will never be making any major changes.

2. What does an approved CA means?

3. If it already has a CA and I am continuing the same business or decide to rent it. Do I need to apply for a CCO?

4. I see many stores located throughout Jersey City where the stores have been closed for many years?

5. How is the JC Heights West Slopes and is there lot of development going on at this time?

6. What is the going rent for commercial space in JC Heights west slopes?

7. How is Jersey city building department vs other municipalities? Are they business friendly?

Thanks for all your help

@Jeff Bridges I agree the hassle of the expenses. It has been tough getting better tenants.

Initally I was putting laundry machine in each unit but the realestates in the area advised against it since this area is not suitable for it.

I notice the younger generation is looking more for convenience and that why I had consider it. My area just started putting Dishwasher. 

The laundromat near me for a double load starts at 2.50. Triple Load 4.00 and mega load 5.00 and higher from there. However a lot of people in my area have started moving to area that have washer and dryer in the unit. So I figure this would be the best way to attract those tenants who will still find this as a convenience rather going few blocks and waiting in lines for washer.

I am currently debating whether to put builtin coin machine or timer machine since I can then put a cheap reliable roper with vs a speed queen which cost more.

With timer version I am not sure how many minutes would it take to finish a cycle without it closing in between and how long the cord are for the coin timer.

Thanks Jeff for your input. The building has 3 apartments. I am looking to put 1 coin washer as all the tall building around except 2 and 3 family have them. The laundromat is couple of blocks away. Since NY has rain and snow and lot of walking I was looking this convenience would bring more better tenants. Since the tall building have the conveniences of laundry downstairs and I would be able to compete better.

Hi All,

I am deciding on washing machine with built in coin box or washing machine connected to coin timers.

My concern was if the coinbox attached if the timer get over before the machine completes or if tenants put example 2 quarters which I would thing would give 10 mins wash time and then hanging in the apartments to dry the clothes (Never know today people try all different things).

Also which washer brands is better - Whirlpool, Maytag, Speed Queen, Crossover.

Wanted to know your experiences.

Thanks,

Steve

 Hi Scott, could you please pm me what tool could be used. I never expected a household item could be used and wanted to take steps to prevent it.

Thanks,

Steve

I know tenants will never clean it if I go with selfcleaning filter eventhough it cleans by itself but it basiclly get jammed over time. It says if running the much 5-7 times a week the person would need to clean once a month if no scraping then once every 2 weeks. Which I doubt they will do.

@Frank Chin you are right overtime the build in disposer would start to go. I was only about the selfcleaning filter to reduce my service visit. The biggest plus I have with the frigidaire is water heating but the issue with the filter having to come down. But thank you for the insight on the hotwater tank.

Regarding the dishwasher with built in disposal lowes and Homedepot in queens were selling them but will check to make sure.

@Thomas S. The area has started providing Dishwashers. That the reason I consider it. I wanted to compete and not lose the younger people Frank mentioned. I would also be able to get better rent.