Stuy Heights 3-Family: How Much Rent Should I Charge?
I’ve been looking at rental comps, but am not sure what people are asking vs. what people are getting. I am buying a 3-family on MacDonough btw. Stuy and Lewis and am considering asking the following rents and renting the apartments myself — I’m kind of too much of a control freak to leave the…
I’ve been looking at rental comps, but am not sure what people are asking vs. what people are getting. I am buying a 3-family on MacDonough btw. Stuy and Lewis and am considering asking the following rents and renting the apartments myself — I’m kind of too much of a control freak to leave the rental aspect to a broker. Anyway:
Top floor, 1.5 bed, renovated but not brand new kitchen and bath with wood floor and wall-to-wall carpet in good condition, 2 non-working fireplaces, good closets, detail, water and heat included: Available in May, $1375
3rd floor, 1 large bedroom, good kitchen and bath, wall-to-wall carpet (beautiful wood floor underneath), 2 non-working fireplaces, good closets, detail:, water and heat included: Available in May: $1350
2nd floor (parlor), 1 bedroom, excellent small kitchen and good bath, 2 non-working fireplace, wall-to-wall carpet (beautiful wood floor underneath), good closets, detail; All utilities included:(technically, this apartment is part of my duplex, thus I will not be able to offer a lease and cannot seperate gas and electric from my garden-level apartment): $1300
Thoughts? Suggestions?
your rents are correct, you may even be able to charge a bit more. I’d have to see the apartment to know and how “clean” it is. Carpets are ugly though.
Lastly, you are in violation if you rent 3 apartment and live in one and though many in that neighborhood do it, I would suggest you go to Jeffrey Charles-Pierre the architect on Stuyvesant between McDonough and Decatur and get it done legally if you want to rent that extra floor. 4-family will raise your taxes though, but taxes in that area are for now fairly reasonable. You could rent one of the apartments as a duplex or change the CofO. I am using him now to convert my building in that neighborhood from a 2 to a 3 family. You could get really burnt and should read the other forum comments on this subject earlier on the page
I live on Madison b/t Lewis and marcus garvey, we get 1375 to 1400 for all of our apratments. We had no problem filling them and have not had any issues with them since. If you want more info email me at kijanaw@gmail.com
find electricgreek and ask him, he owns a number of brownstone rentals in that area. He reads this board but also posts often on the craigslist housing forum.
I think the poster is just trying to give an idea of what each apartment looks like. By adding “fireplace” he/she lets us know that there is some original detail in the apartments; by using the modifier “non-working”, he/she is letting prospective tenants know they shouldn’t invest in cord of wood next winter. OP– it’s hard to say without actually seeing the apartments (size of rooms, total square footage of each floor), but I’ll assume your house is 20 x 45 or thereabouts. The rents you suggest sound reasonable for this beautiful block, but as 7.01 says, they might be high by about $200-300 depending upon the the level of detail, layout, types of appliances, etc — this is the kind of stuff, in my experience, that can garner that $200-300 premium. BTW, I have a place around the corner from you with one garden-floor tenant. We’re in the process of renovating his floor [new plaster work, kitchen, bath, complete paint job]; he’s been in the building 20 years and the previous owner never even painted the place in all that time. Anyway, we charge $1000, as the apartment is unrenovated and he’s a fantastic tenant. But my point is that you should be able to command that premium I spoke of if your apartments are in top shape. Also, take the carpets off the floors…people who are willing to pay that kind of money usually want hard wood floors.
Sounds reasonable. I’m closer to Nostrand and I’m getting $1500 for the parlor 1 br, including utilities. Tenants DO care what the apartment looks like. If you want more $, you should spruce it up a bit. Personally, I’d get rid of the carpets and shwo those beautiful floors.
of course it is a violation.
What does the OP think a 3 family means?
Why would a renter care if you have a beautiful wood floor under the wall to wall carpet?
Why are non-working fireplaces an amenity?
Your prices seem high by about $200-$300 each.
If your roomate is given a private area it sounds like an illegal conversion violation to me.