How Much Value Does Tenant Add To Sale Price? Beach View Also?
hello, have never posted on this particular part of bigger pockets but I have a rental condo in miami and would like to list it for sale. It is in the absolute best neighborhood on the beach in south of fifth and an incredible unit. Its the only 1 bedroom on the top floor in a building where everything is trading for $625/sq ft give or take. There are only 3 units on the top floor with an ocean view and mine is the only 1 bedroom. What is the premium for a view and being on the top floor, haven't spoken with a realtor regarding this yet but would like to be informed before I discuss with one. Basically the only 1 bedroom in the whole building with an ocean view bc the floors below are all blocked by building in front, I have unobstructed ocean views.
Second question is I have a tenant currently renting it paying $3500/mo and been there 2 years, and would like to stay. If I want to sell it, would it add value if I renew his lease or would most buyers like the condo for themselves and no be interested. The man is asking me for a 2-3 year lease bc he would like to settle down for 2-3 years and know he wont have to move. The maintenance fees on the unit are $690/mo and the property taxes are $500/mo. I know the cap rates are not so high in miami beach but the condos appreciate well out here.
Anyways just curious if I should renew his lease when it expires december 1 or renew it bc I would like to sell and would like it to be most marketable, just not sure whats better. Id imagine if one is interested in investing having a 36 month lease at $3500/mo is great with probably 10% annual maintenance fee increases as the only extra cost coming from building. Would appreciate any suggestions regarding pricing with the unique view I mentioned as well as what should be done with tenant, and if I retain tenant and basically hand over $100,000+ in earnings what does that add value wise to final sale price since there is no empty months and such a long standing contract with a good tenant who I have 2 months deposit from as well.
Thank you