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Updated 6 days ago on . Most recent reply
More Multi-Family Questions
Hi - I am looking at another multi-family (3 family) here in NYC. There are 2 things I want to mention about this property:
1) It is listed as a 3-family, but the property is actually two separate buildings in one lot. One building has two apartments, while the other has one apartment.
2) One apartment has a tenant that is in the process of being evicted. All other apartments are vacant.
What are the pitfalls with this? I'd imagine 2 buildings on one lot make things more complicated. Can I negotiate the price lower due to this aspect of the property?
Can I somehow negotiate a lower price with the existing tenant being evicted? Or should I just walk away from this? Or just wait until the tenant finally leaves?
One benefit is that the property was actually very well maintained compared to other multi-family buildings I have seen here in NYC. If not for the existing tenant, I can actually move in and start renting out other properties with minimal upgrades.