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Im about to renovate the back half of a floor in a brownstone which is currently 2br/1bth. Under the current configuration, one of the bedrooms is small (maybe 9 x 11), the kitchen is very small, and the living room gets no natural light. If I remove the small bedroom I can open up the kitchen and get natural light in the living room. I don't think removing the second bedroom will really effect the price. Renovated, as either a 1br or 2br, I think i can get somewhere between $2800 and $3200. The main benefit would be that I could rent it to one person rather than two...since I live in the building, the less tenants the better. Any thoughts?
Basically my questions are:
(1) Is a nice one br/one bth rentable at the same value as a not-as-nice 2br/1bth
(2) What is the market like these days for 1 bedrooms around the $3000 mark....are they easy or difficult to rent?
Depends on the neighborhood, condition of the building, and condition of the apartment.
If it's a crappy building in a so-so neighborhood, it'll be much easier to rent it as a two bedroom to two people who can each afford $1400/month.
If it's in a nice building in a prime neighborhood, finding one $3K tenant should be no problem.
The difficulty would be trying to find a $3K tenant to pay $3K in a crappy building in a so-so neighborhood.
Upper East Side (between 1st and 2nd). Building is a little run down but I am going to be renovating it too: new front door, maybe clean the facade, paint hallways, maybe retile hallways with marble, installing new widnows....
I would run a search of 1 BRs in your neighborhood of comparable quality to your anticipated renovation and see if they command your desired rent.
keep it as 2. you'll get more money. that location is somewhat remote until the 2nd Ave subway starts running.
"that location is somewhat remote until the 2nd Ave subway starts running."
Or until 2050, whichever comes first.
Mark my words, the first passengers to swipe their MetroCards on the new Second Avenue subway line not only haven't been born yet, their parents are still taking their ERBs.
ha I was thinking the same thing. The second ave subway was first proposed in 1929. A guy I know told me that his friend, who is either an architect or engineer for the MTA, is confident that he will have work for the rest of his life on that project.
Its more about who do I want as a tenant. Two people paying 1,400 will most likely be students...i.e., parties and noise
These are walkup apartments, right? On what floors?
I get that you'd *prefer* to have a network television correspondent or advertising executive as a tenant rather than a college student. But the 2 bedroom with 2 college students is more of a sure thing, as a landlord, than trying to command $3K from a professional for a marginal property.
it is on the second floor so only 1 flight walk up. the property actually has a loft of potential...its a 25ft wide lot so the living room actually looks like a big room, not like a wide hallway as you see in a lot of brownstones that have two apartments on each floor.
It's a walk-up (no doorman, I assume) between First and Second Avenues in what you describe a building that's a "little run down."
Sorry, but I'm not seeing the $3K value here, unless you're planning on doing a spectacular renovation with premium kitchen appliances, brand-new floors, etc.
You're actually more likely to get that $3K professional with the apartment as a two-bedroom; many people are willing to pay a premium to have a second bedroom as a home office or guest room. And/or a professional couple with a kid on the way.
I am going to do a nice renovation (Kohler bathroom, GE profile kitchen). The run down part is mainly superficial: the two front doors are beat up, the hallway hasn't been painted in 30 years and the light fixtures aren't nice...all of which is going to be changed. Aside from that, the building is a nice red brick townhouse..could use a cleaning.
I agree with Matt on this one. If you look at rentals in the general area, you can get a 1 BR in a full service condo on 2nd avenue for $2,925.
And it doesn't sound as if this is really a brownstone - sounds more like one of the old law tenements that are typical of that area. Not quite as "charming" as a brownstone.
Nintzk - in my opinion and experience, the premium in the market is currently on square footage, and not on number of rooms. Furthermore, I believe a larger 1 bedroom will rent quicker than a small 2 bedroom at the same price. As an example, I've represented large studios that were converted to 1 bedrooms where the majority of customers say they would be interested if the wall weren't there, just as I've had numerous client's (especially couples) unable to find large enough 1 bedrooms in the market, and who would be willing to spend more to get it. Especially with almost every landlord thinking that more rooms = more rent, I think you'll be well positioned with a large 1 bedroom to stand out in the marketplace.
322 East 77th...I'm having it cleaned, the front door replaced, and the cornice painted. Once that happens it should be quite nice.
But I appreciate the feedback...Im new to this.
And if not $3K, what is the most a 700 sq 1br/1bth, exposed brick, working fireplace, nicely renovated on the second floor of a walk up could go for? $2700?
I appreciate your fix-up efforts and I wish you luck. The bottom line here is that as a one-bedroom for $3K you've got some pretty high-end competition, including amenities like a doorman and washer/dryer in the unit. As a two-bedroom you could more readily rent it to 20-somethings/college students as well as $3K renters who are willing to sacrifice the amenities for that second bedroom.
"And if not $3K, what is the most a 700 sq 1br/1bth, exposed brick, working fireplace, nicely renovated on the second floor of a walk up could go for? $2700?"
Closer to $2300.
Nintzk - why don't you just search Sales and put in "east 77th street" and see what comes up - it will show both rentals and sales, and give you a better idea of rents in your exact area.
And your next door neighbor at 320 is trying to get more $ by renting out fully furnished units for short term rentals.
It'd be tough to cram two bedrooms into a half floor of a rowhouse built 25x60 or 25x70. Bath and kitchen are in the center of the building, and can be windowless if vented, leaving you only 23' of windowed width. The only way to do it is how it is now, with the two small BRs at the back and a windowless LR on the inside of the wide BR. Not to code.
I'd just go with the usual two one-bedrooms per floor and leave it at that.
ph41...Yea, I know the owner next door. He actually made an offer on this apartment for a long term lease. He's in the hotel business. He gets $3500 for half a floor on the 5th floor.
Looks like I need to rethink keeping it as a 2br