Commerical Brokers and Multifamily Property Managers

Real Estate Investor · Memphis, TN · Member since 2016 · 428 posts · 142 votes

Hello

After underwriting a Multifamily near East Market District(I Looking it up on a map). Recently I was in town and drove pass the subject property. Not terrible, so Now I am looking to speak with CRE brokers locally and property managers to get a better understanding of the market.

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Michael K GallagherBusiness Member

Real Estate Agent · Columbus OH · Member since 2018 · 1k+ posts · 1k+ votes

1mo

@Jamie Parker you'll likely want to speak to people who are specifically operating in that asset calss. CRE is a big place, and multifamily is big in its own right, you'll want someone that specializes in that specific unit range or at least has a track record there.

[email protected]614-362-2231

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Michael K GallagherBusiness Member
Real Estate Agent · Columbus OH · Member since 2018 · 1k+ posts · 1k+ votes
1mo
@Jamie Parker you'll likely want to speak to people who are specifically operating in that asset calss. CRE is a big place, and multifamily is big in its own right, you'll want someone that specializes in that specific unit range or at least has a track record there.
[email protected]614-362-2231
1 Reply
- Jamie Parker
  OP
  Real Estate Investor · Memphis, TN · Member since 2016 · 428 posts · 142 votes
  1mo
  @Michael K Gallagher Thanks for the consideration. I am looking for CRE brokers in various states. Properties at or around 100 doors or less is the target that I am looking at.
  0 Reply
Tiernan Gilbert
Realtor · Allentown, Lehigh County · Member since 2026 · 1 post · 1 vote
4w
Hey Jamie, I was wondering what states you are looking in?
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- Jamie Parker
  OP
  Real Estate Investor · Memphis, TN · Member since 2016 · 428 posts · 142 votes
  4w
  TN, NC, VA, KY, AR
  0 Reply
Ryan BrownPro Member
Real Estate Agent · Louisville, KY · Member since 2022 · 32 posts · 4 votes
2d
@Jamie Parker East Market is basically my backyard. I'm an agent here and I've owned and operated multifamily in Louisville for years through my company, Beechmont Equities. I sold a 10-unit on E College St in August, about a mile from NuLu, and I own two rent-by-the-room buildings now, so I deal with the local brokers and property managers a lot.
One thing that matters for underwriting around there: a lot of the smaller multifamily people call "NuLu" is actually in Butchertown, Phoenix Hill, Smoketown or Shelby Park, and those can feel very different from one block to the next. I'd judge it by the exact street, not the district name. Also check whether the building is in a local preservation district. Butchertown is, and that affects what exterior work costs and how long approvals take.
Happy to give you a quick read on the street and the rents, and I can connect you with a couple of property managers here who run small and mid-size multifamily. Shoot me a message with the address if you want.
[email protected]502-889-0122
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- Jamie Parker
  OP
  Real Estate Investor · Memphis, TN · Member since 2016 · 428 posts · 142 votes
  2d
  Quote from @Ryan Brown:
  @Jamie Parker East Market is basically my backyard. I'm an agent here and I've owned and operated multifamily in Louisville for years through my company, Beechmont Equities. I sold a 10-unit on E College St in August, about a mile from NuLu, and I own two rent-by-the-room buildings now, so I deal with the local brokers and property managers a lot.
  One thing that matters for underwriting around there: a lot of the smaller multifamily people call "NuLu" is actually in Butchertown, Phoenix Hill, Smoketown or Shelby Park, and those can feel very different from one block to the next. I'd judge it by the exact street, not the district name. Also check whether the building is in a local preservation district. Butchertown is, and that affects what exterior work costs and how long approvals take.
  Happy to give you a quick read on the street and the rents, and I can connect you with a couple of property managers here who run small and mid-size multifamily. Shoot me a message with the address if you want.
  There is another property in that area that I would like to get a read on in New Albany. Are you familiar with that area also?
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Matthew MorrowBusiness Member
Investor · PA - NY - NJ · Member since 2019 · 729 posts · 256 votes
12h
@Jamie Parker I'm in PA, so I can't point you to Albany brokers, but here's what I'd ask any broker or PM before trusting the numbers. Get the actual trailing 12 months, not a pro forma. Ask for the rent roll matched against the leases and the deposits. And ask the PM what they think the building really needs in year one. A cap rate is one valuation tool, not a verdict. The leases and expenses tell you what you're really buying. Curious to hear how you end up approaching it.
[email protected]484-791-6200
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- Jamie Parker
  OP
  Real Estate Investor · Memphis, TN · Member since 2016 · 428 posts · 142 votes
  12h
  Quote from @Matthew Morrow:
  @Jamie Parker I'm in PA, so I can't point you to Albany brokers, but here's what I'd ask any broker or PM before trusting the numbers. Get the actual trailing 12 months, not a pro forma. Ask for the rent roll matched against the leases and the deposits. And ask the PM what they think the building really needs in year one. A cap rate is one valuation tool, not a verdict. The leases and expenses tell you what you're really buying. Curious to hear how you end up approaching it.
  Thank you for the input. I have started with underwriting offerings just to get the muscle memory of looking thru the T-12 and the rent rolls. I have moved towards speaking to investors and understanding the types of questions that will need to be answered. So Far I have received much feed back. Before speaking "officially" with at broker/PM I realize there is a gap that needs to close to ensure that I am worth there time to dig deeper into the Due diligence questionaire.
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