Staten Island Apartment Buildings For Sale
If you're an experienced landlord looking for a highly profitable investment opportunity, consider Staten Island apartment buildings for sale. These properties consist of six or more separate units, allowing real estate owners to generate monthly income from several different units. In addition, apartment buildings are a highly valuable asset to have in your portfolio.
Explore current apartment buildings for sale in Staten Island below or read our tips for buying apartment buildings!
Staten Island Apartment Buildings For Sale
- All Listings
- Over $1,000,000
Explore Staten Island Investment Property Types
Tips For Buying Apartment Buildings In Staten Island
Buying an apartment building isn't the same as buying other multi-family properties--while duplexes and triplexes are a good way to casual generate residential income, an apartment building is a leap into the commercial property world. Here are some of our top tips for buying an apartment building in Staten Island, NY:
- Have The Finances In Order First: Just like in residential real estate, you'll want to talk to a mortgage broker before you start looking at Staten Island apartment buildings for sale. Work directly with a commercial lender and find out exactly what you're qualified for before spending your valuable time and energy. Keep in mind that mortgage brokers favor those with rental experience and a sizeable down payment.
- Review The Building's Financial History: Request a full report of the building's finances, including income generated and expenses required. Make sure the finances add up and that the building is actually profitable. Make sure you factor in upgrades (or lack thereof) into your analysis. Unless you have experience in generating apartment profits, skip anything where the numbers don't end in a positive or the building hasn't been recently upgraded.
- Analyze The Rents & Tenants: It's important to know what kind of people are drawn to an area and how likely the building is to be profitable. Find out what vacancy rates and general apartment rental rates are in the area. Also seize any opportunities to find out about problems with the building or existing tenants, as you will inherit these if you purchase the building.
- Get A Good Commercial Lawyer: Buying an apartment building is a fairly simple process but there are very intricate and complex details that go along with it. You want an experienced lawyer who can work quickly, efficiently and knowledgeably.
The experienced commercial property agents at RealEstateSINY.com can help you explore Staten Island apartment buildings for sale and ensure you are taken care of every step of the way.
Register with our site, contact us online or call (718) 701-5626 to get started now!