Hi everyone - I am a first time buyer looking to buy a 1 BR under $500K. I will likely stay in the apartment for about two years and then look to rent it out. I have some spent a lot of time looking at places in manhattan and queens and settled on 10-63 jackson in LIC as one of my top choices. I would appreciate any insights you might have on the building from your own research. Please also opine... [more]
Hi everyone - I am a first time buyer looking to buy a 1 BR under $500K. I will likely stay in the apartment for about two years and then look to rent it out.
I have some spent a lot of time looking at places in manhattan and queens and settled on 10-63 jackson in LIC as one of my top choices. I would appreciate any insights you might have on the building from your own research. Please also opine on the rental value (is it reasonable to expect $2000 for 715 sq feet 1BR apt?)
Here is what attracts me to the place:
- Reasonable $600/sq ft cost
- Apartments seem top notch and have high quality fixtures. All heating/cooling is through discreet vents.
- Great views
- Easy commute to manhattan (I work around grand central area)
- Compared to other places I've seen in LIC, the occupancy rate is high (around 85% I think)
Here are some of the drawbacks in my mind
- Uncertainty about what LIC will end up like 5 years down the line
- Not sure about rental value. I will only be in the apt for a few years and would need to rent it after that
- Proximity to the highway ramp nearby, although it still is a block removed compared to the other apts I saw
Many thanks.
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Response by shaimegiddo
over 16 years ago
Posts: 40
Member since: Jun 2009
Hi Cheetah,
Given the fact that your intention is to stay in the apartment for only 2 years, I would say future rentals for the apartments are the most important thing. $2000 for a 715 SQFT could be a little on the high side if the employment market continues to deteriorate. So, unless you have a lot of disposable inocome on a monthly basis to cover for future tenant vacancies, I would be careful.
Good luck in your search.
Shai.
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Response by mktessler
over 16 years ago
Posts: 2
Member since: Jul 2009
I purchased a unit in the building as an investment (one of the smaller 1 beds -- just over 650sq ft) and I was able to rent it out within 3 weeks for $2,150 per month. There were about 5 units in the building that for rent and all of them were rented very quickly (within a few weeks).
The highway ramp is there (as you noticed) but the building is a bit removed from it (as you stated). That is something that you will have to judge for yourself.
I am sure that you have already done so, but make sure that you factor-in the maintenance when calculating your rent. By my calculations 20% down on a 450,000 apartment with maintenance around $600 would come closer to $2,500. You may have put more down ... had a lower rate etc .... but just thought that I would point it out.
I agree with all of your pros though ... (obviously, since I bought). I think that all around it is one of the nicer buildings in the area and the prices have been adjusted to a fair value. Being close to the subway in LIC is a big deal ... a 5 to 10 minute walk doesn't seem long until you have to do it in the winter.
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Response by cheetah123
over 16 years ago
Posts: 2
Member since: Jul 2009
Thank you for your input. mktessler, a few quick follow-up questions for you.
When you rented your apt out, did you do it yourself or go through a broker?
Also, I've been to the building twice now but forgot to ask about the super both times. Have you interacted with him / her? I'm not sure if the person lives on-site though I'll definitely ask if I put in an offer.
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Response by mktessler
over 16 years ago
Posts: 2
Member since: Jul 2009
Super does not live on-site but is around most of the day and lives 15 minutes away. No complaints about him so far.
I used modern spaces on Vernon. They appear to be very capable when it comes to rentals in the area. I would definitely recomended staying local for rentals (nest seekers or modern spaces).
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Hi Cheetah,
Given the fact that your intention is to stay in the apartment for only 2 years, I would say future rentals for the apartments are the most important thing. $2000 for a 715 SQFT could be a little on the high side if the employment market continues to deteriorate. So, unless you have a lot of disposable inocome on a monthly basis to cover for future tenant vacancies, I would be careful.
Good luck in your search.
Shai.
I purchased a unit in the building as an investment (one of the smaller 1 beds -- just over 650sq ft) and I was able to rent it out within 3 weeks for $2,150 per month. There were about 5 units in the building that for rent and all of them were rented very quickly (within a few weeks).
The highway ramp is there (as you noticed) but the building is a bit removed from it (as you stated). That is something that you will have to judge for yourself.
I am sure that you have already done so, but make sure that you factor-in the maintenance when calculating your rent. By my calculations 20% down on a 450,000 apartment with maintenance around $600 would come closer to $2,500. You may have put more down ... had a lower rate etc .... but just thought that I would point it out.
I agree with all of your pros though ... (obviously, since I bought). I think that all around it is one of the nicer buildings in the area and the prices have been adjusted to a fair value. Being close to the subway in LIC is a big deal ... a 5 to 10 minute walk doesn't seem long until you have to do it in the winter.
Thank you for your input. mktessler, a few quick follow-up questions for you.
When you rented your apt out, did you do it yourself or go through a broker?
Also, I've been to the building twice now but forgot to ask about the super both times. Have you interacted with him / her? I'm not sure if the person lives on-site though I'll definitely ask if I put in an offer.
Super does not live on-site but is around most of the day and lives 15 minutes away. No complaints about him so far.
I used modern spaces on Vernon. They appear to be very capable when it comes to rentals in the area. I would definitely recomended staying local for rentals (nest seekers or modern spaces).
Good luck