How Much is Commercial Space Worth?


Please let me know what you think of 218 Midwood Street (on brownharris) which was recently reduced from 1,375,000 to 1,299,000. It is extra wide (23 feet), it has only two owner-occupied floors with only 1.5 bathrooms. The space on the basement level is zoned as a doctor’s office (and constructed as such). The place also has 3 garages. I wonder how much the commercial space is worth. Is anyone renting out a commercial space in or around PLG? If so, how much are you charging per month?

Also, any opinions on what the place is actually worth in this market?

By mkop | 06/04/2008 2:57 PM | Comment

Cost of Conversion: General Estimate


I would very much appreciate rough estimates of how much it would cost to convert the top three floors of a brownstone to a single unit. We plan to use what is now the shared stairs as a private stairs (by opening up the wall). We’ll need to install a kitchen on the first floor, take out kitchens on the top two floors, put up some walls and closets and do cosmetic renovations on the bathrooms. The current interior is in fine shape and the electric, heat, etc. plumbing are all in order and do not need work. Thank you.

By mkop | 05/06/2008 6:05 PM | Comment

Two Family v. Three Family


I am looking for opinions on the pros and cons of owning a two family versus a three family. My husband and I were looking for a three family (because it can potentially bring in more income and because we don’t need as much space as many two families offer). However, our broker suggested that three family brownstones are harder to sell and may cause us a problem 5-7 years down the road when we want to sell. His rationalle is that many potential buyers are scared of being landlords to more than one unit. He further believes that a two family home will appreciate better.

I would like to hear some opinions on the matter. What has been your experience? What would you do?

By mkop | 04/09/2008 3:42 PM | Comment