When is best time to list multifamily property?

Question

I have a multifamily 4plex in Tulsa that was on the market in late summer and eventually went under contract, but the financing didn't end up working out for buyer. So my question is multifamily like single family homes where you wait until April/May to list at best price or does the time of year you list make a difference?

Rick Martinez · Answer

Russell,

I was thinking about it and I may have told you and Lili wrong on the section 8. I think I actually get more then the $700mo when including the voucher. Property manager uses that extra to go towards gas and any repairs. But like I mentioned I'd rather you talk with property management to get exact numbers.

Rick Martinez · Answer

Thanks Frank.

Russell and Lili,

Here is property info.

Located at 1110 e 64th st Tulsa OK.  Few miles south of the new Gathering Place.

Section 8

All units

4 units - 1000 sq ft each.2 bed 1 bath in each.Kitchen, Bar, Living and dining in each.Parking spaces out front.

Tile floors installed in 3 units through out. Some new windows. 3 brand new furnaces and 2 brand new ac units. I'm pretty sure the other hvac system is newer based on appearance.  New interior and exterior paint. Newer appliances.

Tenants covers electric bill.

I pay water bill which averages $120-140 month

I pay gas bill. Not sure average because property manager pay it out of rents.

Insurance $175 month

Dumpster $55 month

Property taxes are $1880

I get approx $675 - 700 mo for every unit minus the gas bill, repairs, management fee. If you were interested in property I would want you to talk with my property manager to make sure they get you all the correct info. I just want to make sure I'm not forgetting anything.

Thanks!

Russell Hutcherson · Answer

Hey rick I’m an investor in tulsa. I’d be interested in the property if you want to send over info.

Lili Thompson · Answer

Hi Rick,

I don’t have an answer for you on if SFR differs from multi-family in terms of best timing, BUT, I am looking for a multi in the Tulsa area and would love to get some info/numbers from you. Let me know!

Frank Wong · Answer

Hi Rick,

Best time to list it is when there is no competition and inventory is low.  I would not wait till April May.  List the property correctly at its true value.  Remember you are selling to investors the numbers need to work.