New Brunswick "Multi Families"?

5 Replies

Hi everyone,

I'm working on a few deals within 2 blocks of Feaster Park (a block or two from Campus).   There doesn't seem to be any comparable properties sold within the past year, so I'm turning to BP with hopes of finding a fair-value price.  Hope someone can help!

The owners are attempting to sell at a cap rate of ~10%.  The properties only have 2 units -- so they're not really multi-families, as I would define them.  The homes are also cosmetically outdated and without property managers.  

Assuming you're familiar with the (hyper) local neighborhood, what are your thoughts on the cap rate?  These homes are not being rented to college students.

Please let me know your thoughts!

Thank you,

John

Feaster Park has a lot of gang problems. Just google it. You need to have a realtor who really specializes in the area. I focus primarily on Rutgers student housing as a realtor and property manager but I know all of New Brunswick very well. It's a 10 cap for a reason. I can go into more detail about NB off-line. 

My knowledge is very outdated (90’s), but I lived at the intersection of Joyce Kilmer and New Street. My view was anything east of the train line was literally on the “wrong side of the tracks”. I lived there 3 years and my car was broken into twice and my apartment once. What you’re talking about is even further into the more difficult part of town.

As I said, very outdated info so take it at face value.

Originally posted by @Peter T. :

Feaster Park has a lot of gang problems. Just google it. You need to have a realtor who really specializes in the area. I focus primarily on Rutgers student housing as a realtor and property manager but I know all of New Brunswick very well. It's a 10 cap for a reason. I can go into more detail about NB off-line. 

 Hi Peter, I'd be interested in touching base with you! My husband and I are looking at investing in the area and we will be needing both a realtor and property manager!