I'm in the process of trying to sell my duplex but have noticed how small the market is for investors compared to regular single family buyers. I am a little dismayed at the lack of interest and am worried it will take months to sell.
I am wondering what techniques and methods did you all use to make your multifamily sales as smooth as possible? How long did your sale/purchase take?
The duplex is located in Central PA near Harrisburg, I have attached some property figures for you to peruse. I am pricing it in the 300's, with a projected cap rate of about 9, gave or take some percentage points depending on buyer's management fees, etc.
Some info for you:
4 bed 2.5 bath ranch duplex
Gross Rent was $45,000 for 2021. Taxes were around 3600.
Apt 1 is 1600 sq feet 2 bed 1.5 bath that rents for $2250.
Apt 2 is 740 sq feet 2 bed 1 bath that rents for $1500.
Both units have their own laundry rooms and separate driveways, feel more like your own house than a traditional walk up apartment.
Vacancy rate is historically low, average renter stays for 5-6 years. Most renters are medical staff who work for local hospitals.
I have spent the last year remodeling the entire interior. I have also had new spouting systems and flashing added.
Apt 1 has been completely remodeled, with upgraded appliances, renovated kitchen, new flooring, paint, and two complete bathroom remodels.
Apt 2 has upgraded, kitchen, flooring, paint.
