Updated 8 months ago on . Most recent reply
Quadplex next to new luxury apartment
Hello all,
Looking at purchasing a quadplex in a B neighborhood. The location is great—near the city and hospital. We should be able to hit the 1% rule on this deal.
The only thing I’m curious about is a very large, newly built luxury apartment complex is opening within a mile in the next few months. It has every amenity you can think of—gyms, yoga classes, self-study offices, etc.
Is there any reason this could affect the quadplex in the future? Not sure if anyone here has any insight or has been through something similar.
Thank you
Cody
Most Popular Reply
Based solely on the numbers you shared- you’re not competing for the same tenant pool as the luxury apartment.
If you haven’t already- consider what similar buildings to the 4plex are offering with respect to rent, amenities, unit quality and incentives (if any).