I am a new real estate investor located in NYC who is interested in purchasing residential multi-family and commercial with 5-6 units. My target area is the NYC/NJ Metro Area, but I am having a tough time figuring out what neighborhoods to focus my attention on. Does anyone have any suggestion on where I would be able to find market data such as vacancy rates, price appreciation, rental rates, etc.?
Www.neighborhoodScout.com is awesome
@Brian Gibbons got me connected to Neighborhoodscouts a while back...
I would say this...don't over think the neighborhood/area unless you are buying to rent/hold.
Having said that, I am reading in your post that you want multi but need info...
Multi is different than SFH....it sounds like you are starting out but want to go straight to the kill on multi..the numbers are different. NOI/cap rate etc.
Im not a multi expert as I would refer to my gurus in the field for multi.
zilpy.com/us/new_york_metro for rental trends.
if you have specific addresses or cross-streets in a zipcode in mind you can run local reports that tell you vacancy rates, renter density, crime, household income also 1-5 bdr rent trends for past 12 months.
Thank you for getting back to me. I checked out the sites last night and they seem to have much of what I am looking for. I appreciate the help!
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