4th floor walk up - impossible to rent?

Question

Hi everyone,

First time posting here!

I’m thinking of buying a 4th floor one bedroom in walk up building (no elevator). Plan is to buy, rent out, and hold. Have any of you had experience with high floors in walk ups? Is it extremely difficult to find paying tenants?

Numbers and location otherwise look good to me. Let me know what y’all think! Thanks.

Matt M. · Answer

@Alex J.

4 years ago my uncle passed and I lightly rehabbed his 3rd floor walk up co-op apartment. No elevator. It sold for $640,000. Jackson Heights Queens.

I’m not sure people care

Alex J. · Answer

I guess everything has a price!

Nathan Gesner · Answer

Anything will rent. In 2005, I saw an ad for someone renting out their 8 x 10 walk-in closet with shared use of a bathroom and kitchen. It was $300 and included an extension cord for electricity.

You have to study the market. Surely there are other comparable units. You can expect it will rent for less than a ground-floor or second-floor unit and it will have limited market appeal because no 60-year-old woman wants to carry groceries up that many stairs.

Alex J. · Answer

That’s helpful, thanks. I guess the 4th floor isn’t for the faint of heart!

Alex J. · Answer

Another detail: this is in a high density commuter town outside of New York City.

4th floor walk up - impossible to rent?

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