mkt rent 4 big Crown H. Rental?
Need input on gauging mkt rental rate on an aptmt in Crown Heights North. Was intending to live there but now need to rent it out. Love it too much to consider selling it. “OK” knowledge of purchase but clueless of rental mkt hence looking for feedback. Know the protocol so here are the details….
Need input on gauging mkt rental rate on an aptmt in Crown Heights North. Was intending to live there but now need to rent it out. Love it too much to consider selling it. “OK” knowledge of purchase but clueless of rental mkt hence looking for feedback. Know the protocol so here are the details. It’s on Dean & New York Ave. 4th flr pre-war walk-up coop, 2 bdrm, 1 maid’s qtr, 1.5 bath, L/R, formal D/R, 1200+ legit usable sq ft, pre war details, fire place, pier mirror,… Right now, it’s in solid condition but not mint move-in so have some renovation questions too. should I convert maid’s qtr to a big laundry & storage rm (ie for off season items that one doesnt want to put in the basemt storage area)? Should I convert the 1/2 bath to full bath? Should I put in washer/dryer? Would’ve done all this if I was living there but unsure if these changes make sense financially from a 4-rent perspective?
Montrose, your ranting & raving prove very accurate. All in 1 wkend (itching to confirm your raves), checked out the area, fell in love with the hood, went to this aptmt’s OH, fell in love with it, and bought it. Unfortunately, hurdles popped up almost immediately after closing that prevented my family & I from moving in & living there. It’s been over a year already and now more convinced it’ll be a very long time before we can live there. Guess it’s time to renovate the place, rent it out and let someone enjoy & look after it. The residents often tell me when I drop by to chk on the place that it’s a shame for it to be vacant all this time. Well, this Sat will be bittersweet – walk through the place to augment the initial renovation plans for us living there vs. now to prep it to rent. Another question just popped into my head. This aptmt comes with a 8×10 (or maybe bigger) sectioned off storage (w/ some shelving, etc) in the dry basement. Good idea to rent it separately or just throw it in as a bonus to the renter?
More4less, I’m flattered you considered the area after my incessant ranting and raving. I’m sorry you can’t live there, and I wish you luck. Mopar, go for it!
Mopar, closest subway is the A/C Nostrand Ave station. ~5 blks or so away. bldg is on dean st (close to new york ave). I targeted this block after reading the many positive comments by Montross Morris. Am real disappointed I cant live there. Weather is getting nicer. Best way to chk out the area is stroll through it yourself. If you want to discuss further regarding aptmt, etc. contact me via crownofbk at gmail dot com.
Sounds perfectly amazing. If it had washer/dryer and is near the subway, I would certainly consider renting it for $2000/month. (Former coop owner, no debt, excellent credit score.)
All that said, I live in Bushwick and don’t know the area at all. I pay $1600 for a very large two-bedroom but would pay more for historic details.
Could you squeeze the washer/dryer into the half bath? More bedrooms mean higher rent and more flexibility. Could be important for someone who needs a home office. Two full baths seem overkill.
Thanks for the feedback. 2000-2300 is more than I expected and its good news. For the right tenants whom I can trust with maintaining the place, am prepared to rent it out for less. Guess I should do some of more basic & necessary renovations then mkt it to see if the more costly renovations are needed or not to rent it out.
Montrose: Yeah, this apt is in coop bldg which has a mirror image bldg right next to it. The bldg & residents are great. Really disappointed I couldnt live there. If I cant rent it out, will certainly email you for your services.
rentometer.com
Sounds fabulous. I have a clue which building you are in, as I live around the corner, and if you are where I think you are, what great buildings!
I know you can easily get $1200-1350/mo. for a large one bedroom in a brownstone. This apartment is twice the size. Depending on the layout, someone might want to turn the dining room into another bedroom, so this could be used as a three bedroom. That being the case, if you can turn the half bath into a full, it would be a good idea. Or turn the maid’s room into a full bath/laundry. That wouldn’t be too difficult if it adjoins the kitchen, as pipes are nearby.
Since times are tough, however, you could try to market it as is first, and see how it goes, before sinking thousands into the project. Your co-op board might also be a factor here. As is, I’d try for at least $2000-2300/mo. It would be a fabulous apartment for a young family, or roommates. If you would like a consult as to ideas or staging, I’d be happy to take a look, as that is one of my occupations. Please contact me at montrosemorris at yahoo dot com.