*******OUT WITH THE OLD AND IN WITH THE NEW-REAL ESTATE INVESTMENTS
**********Interview with Broker Jim Turano of Middle Village, New York 11379
April 18, 2020
Jim has been approached and called regarding clients he knows from the four Communities regarding Rent Control Apartments. Landlords are complaining like crazy right now he said. No more remodeling apartments with new kitchens and bathrooms after a tenant moves out, because these Landlords are stuck with the old rents.
Now throw in tenants loosing their jobs because of the Coronavirus, and you have a Disaster. Even if the Landlords mortgage is paid up, there is still taxes and other expenses on their buildings. A tough time as it is with Coronavirus, Lockdown, and the inconveniences that come along with this Pandemic.
So now in the coming years ahead, you will see many Landlords unloading their properties to get away from their costly nightmare.
What you will see in the future is Investors looking for a certain type of Property to Invest in. For example, a Large Commercial property that has one tenant, one who pays 40-50% of the Property taxes, one that maintains the property with sweeping and shoveling snow. A triple AAA tenant with past history of on time rent payments. No Headaches, and one who will pay the rent increases gladly.
Asking Jim Turano do these properties exist today? He says yes. People who are settling Estates and want to divide their monies to move on, make this type of listing 'the most desirable Investment Property on the market today.'
Case in point-Commercial Condo consisting of a first floor with a finished basement, Wheelchair accessible bathrooms, and an elevator all maintained by the tenant. The Tenant is the Board of Education. (19) Years of on time Rent payments. The tenant pays 46% of the $95,000 dollar tax bill. The income currently on rent is $17,500 monthly and or $210,000 Yearly. The lease is up at the end of 2021 and the tenant already indicated that they want a new 20 year lease. The building is located at 72-52 Metropolitan Avenue off 73 place.
Original Asking Price $3.5 Million, however since the owner passed away, the family is trying to settle the Estate now. It is not on MLS to keep the commission down. And the new asking price is $2.9 million dollars.
A special thank you to Jim Turano/Broker of Diverse Real Estate
Cell 1-347-837-9206 Best way to reach him or text him.