Questions to ask when touring a multi family

[Karolina Powell]

Looking at my first two commercial properties tomorrow (a 13 mixed use unit and an 8plex).  I have run numbers based on what they have provided but I'm worried I'm going to overlook something when I go to view them.  What are some important things to ask and look for in a multi family that might not apply to single family?  

Thanks

[Greg Kasmer]

@Karolina Powell - When touring multifamily properties I would suggest you be conscious of the following: 

- As Alecia indicated... make sure you understand how utilities are set up (individually metered, etc..)

- View the general condition of each unit. Do they need some "sprucing up" ($2-3k) to get market rents or do they need more extensive renovation. ($10+k)

- How is the building appear from the outside? Landscaping, lighting, overall appearance can impact the "first impression" of future tenants. 

- Are their ways to add other income streams to the building such as: washer dryers, parking, storage units, etc... 

- Also, spend some time before/after to drive by comparable properties in the neighborhood to understand your competition and the rents they are asking. 

Good Luck!