Management Fees for a 3 unit building?

Hello, I have a three unit building, ground floor retail with two apartments upstairs in brownstone Brooklyn and am considering a relocation.  What would be a reasonable and expected management fee to take care of the building for me? In the past, I had a condo near the beach in SC and the management fee was 12% of the gross rent but the rent was much lower.  Much, much lower, by a factor of 10. What’s the going rate in the area?  I imagine that it would be a significantly lower percentage of the gross. Also, is there anyone that you like and would highly recommend? Any advice or thoughts are welcomed. Thank you.

monkey1

in Real Estate - Rentals 13 years ago

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mike2315 | 13 years ago

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We manage small hoses for $40 a unit Feel free to call 347-460-8555 http://apollomgm.com

etconstruction | 13 years ago

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Contact us @ 917468 9468 or phoneetforyourhome@gmail.com, we have been managing buildings in parkslope for the past 10 years and we also handle all repairs in our building ourselves since we are a license insured construction company as well. Please contact us to give us all the details of the services you are looking for, you can also visit our web site @ phoneetforyourhome.com. Thank you & we look forward to making your relocation trouble free.

primebrooklyn | 13 years ago

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I manage a small 2 unit brownstone, double duplex, for 5% of the rent in Fort Greene. I handle rent collection, leasing, repairs.

Bklnite | 13 years ago

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Oh, and if you’d consider selling so you can take the money and run and avoid the trouble of being an absentee landlord, I could probably be interested in buying it, depending on location, income & asking price. I would self manage the bldg, and handle the residential units w/ a partner with experience with commercial tenants. Pls send an email to bklnite@gmail.com if you’re open to selling the building (and avoiding a sales broker’s commision) or selling an interest and keeping a piece as a silent partner without the management headaches.

Bklnite | 13 years ago

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I don’t have recommendations, but I made a phone call to Square Indigo Inc on Rockwell Pl because they were managing a small building that I was considering buying. I think you’ll find a range of percentages depending on the level of service you need and probably minimums for small properties. If you’re an absentee LL you’ll probably want everything – taking out the trash, cleaning the hallways, collection of rents, handling leases & renewals and other paperwork, someone for tenants to call for repairs That’s going to cost money and I’d be very surprised if someone would do it for 4% on a 3 unit building.

ejalbk | 13 years ago

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I think about 4% is more typical in NYC.