Rental Property Investor · Haiku, HI · Member since 2016 · 14 posts · 1 vote
Hi BP community! I am interested in buying an apartment building (~30 units). I notice the neighborhood has quite a few other apartment buildings within a one mile radius. What is the best way to get data on these surrounding apartment buildings in terms of vacancy rate, rents, demographics, etc? I know I could call each building individually and pretend to be an interested tenant and ask some of these questions, but I was wondering if there is a better process? I would love to hear your feedback.
@Patrick Hiti Yes, they are different. Just google something like "multifamily commercial real estate appraiser mill valley ca" and you can reach out to appraisers. Some may not help but others will share info with you. A property manager active in that area will help as well. Property managers would be a great resource. Depending on your experience, you may want/need to engage a third party manager anyway. So getting to know a few would be beneficial and they will share with you what they know about the market.
I know that as a college student, you can get plenty of information that would otherwise be prohibited. I would either find a student who is studying urban planning or something down that line and pay them to get the information or enroll in a community college and represent yourself. I've been able to speak with apartment building owners, lenders, property managers and investors who were thrilled to educate me and help me with my paper. Just be honest though, as Karma loves coming back around!
@Patrick Hiti Reach out to a friendly appraiser or sales broker in that market that can assist you. They should have detailed data. Some of those property managers may be able to help you as well - some may not share info with you but if your open and transparent, they may share a lot of info with you.
@Tony Talamas Thank you for the tips. I assume an appraiser for an apartment building is different than the typical residential appraiser. Would a commercial lender be able to point me in the right direction of finding an appraiser?
@Patrick Hiti Yes, they are different. Just google something like "multifamily commercial real estate appraiser mill valley ca" and you can reach out to appraisers. Some may not help but others will share info with you. A property manager active in that area will help as well. Property managers would be a great resource. Depending on your experience, you may want/need to engage a third party manager anyway. So getting to know a few would be beneficial and they will share with you what they know about the market.