Apartment Buildings For Sale
If you do the math on apartment buildings for sale, you know that there is money to be made in this type of investment property for sale. Say, for instance, you spot a real estate investment property in New York City that holds 100 units in an area that commands $1,200/month. If all units are occupied, that’s $120,000 in your pocket! Well, of course you’ll have to cover capital gains taxes, property taxes, mortgage payments, insurance, repairs and grounds maintenance, all of which eats away an enormous chunk of cash. Even so, most successful apartment building owners can earn over $100,000/year after all these expenses are covered.
The quality of an apartment building largely depends upon the neighborhood it’s in. The goal of any commercial real estate investing is to have 100% occupancy, which is only really possible if you’re situated in a low-crime part of town that is conveniently located near bus stops, retail centers, gyms, movie theaters, restaurants and grocery stores. Tenants with children will be looking for properties that are near schools with good reputations. If you’re unfamiliar with the neighborhood you’re looking to buy in, then you should check out a site like www.city-data.com to gather some valuable statistics about the area where you’re considering investing in real estate.
Jobs are another important consideration in looking at apartment buildings for sale. The more employment opportunities a city has, the more tenants there’ll be. There are many types of employees who may choose an apartment over a home because they are relocating temporarily for employment. Jobs in the government, military, sales or the post office may require such temporary housing needs. The US Department of Labor Statistics is a good resource for discovering the job potential of a particular area.
When you’re looking at apartment buildings for sale, you’ll also need to consider insurance expenses. Some areas that are prone to hurricanes, hail, earthquakes and flooding will command top dollar from you, eating away at your income. According to the 2008 Sustain Lane Natural Disaster Risk ranking, the worst USA property cities are Columbus, OH; Tulsa, OK; Oklahoma City, OK; Long Beach, CA; Los Angeles, CA; San Jose, CA; Honolulu, HI; San Francisco, CA; Oakland, CA; New Orleans, LA; and Miami, FL. By contrast, some of the safer cities for real estate investment properties include Mesa, AZ; Phoenix, AZ; Tucson, AZ; Cleveland, OH; Philadelphia, PA; Detroit, MI; Milwaukee, WI; Minneapolis, MN; El Paso, TX; and Colorado Springs, CO.
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