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Brick Biermann
  • Investor
  • Jersey City, NJ
3
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15
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Trying to estimate value of JC Heights home

Brick Biermann
  • Investor
  • Jersey City, NJ
Posted Jan 13 2024, 18:46

Hello All,

Been contemplating in possibly putting up my 4 unit fully rented house located near the firehouse on Palisades Ave for sale later this year and looking to get some rough estimates of it's potential sale value. Now before anyone suggests meeting with a realtor, getting an appraisal or looking at comps of recent sales to get a more accurate figure, I'm fully aware of those options. 

However I'm just looking for a "vibe" from some pros, experienced investors or people familiar with the area out there who'd be willing to give their 2 cents of the potential value with some caveats/details of the home as follows:

  • - 2022 Home Appraisal valued home @ $1,100,000
  • - 1st 2BR duplex unit rent=$2800, 2nd 2BR duplex unit rent= $2150, 1st 1BR unit rent=$1950, 2nd 1BR unit rent=$1800
  • - All units have washer/dryer
  • - 3 of the 4 units have been upgraded (new floors, appliances, etc.) in the past 5 yrs.
  • - Both boilers installed new 2017
  • - Both electric panels upgraded 2015  
  • - Shared Backyard access for bottom 2 units
  • - No Parking, No Central Air
  • - House built before 1900
  • - Roof about 20Yrs old
  • - Assume Fed cuts rate at least .25 point later this year

 Any thoughts would be appreciated.

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