Walk Up Apartment

Believe it or not, there is no simple one-size-fits-all formula. You can't make straight-line comparisons like this between apartments in different buildings unless they are EXACTLY identical inside and out, with identical views, identical lighting, etc.

The brownstone apartment might have more charm than the shoebox "doorman elevator building" apartment. It might have more closets. A really cool bathroom. Interesting and clever built-ins. The elevator building might have a nicer layout. Or it could be two blocks closer to the subway or grocery store.

It's impossible to assign "discounts" for any ONE particuar drawback in any given apartment.

The range is somewhere from -50% to +50%

"It's impossible to assign "discounts" for any ONE particuar drawback in any given apartment."

Actually, that's just what appraisers do: they list the significant differences between the subject property and each comp, then adjust valuation accordingly, item by item. Brokers use the same basic method to produce a Comparative Market Analysis (CMA).

I haven't priced enough third-floor walkups to answer the question. 30yrs is probably right that you would need to provide more information about the property to get a meaningful answer. For example, the discount will be much larger for a family-sized apartment on the UWS than a one-bedroom in Yorkville or Chelsea. Nobody wants to schlep a stroller up two flights of steps; for a twenty-something single person, those two flights probably just represent fifteen less seconds on the stair machine at the gym.

"Actually, that's just what appraisers do: they list the significant differences between the subject property and each comp, then adjust valuation accordingly, item by item. Brokers use the same basic method to produce a Comparative Market Analysis (CMA)."

Not really: you are supposed to start out with "comparable sales" and make MINOR adjustments. So, I would never (barring some very odd circumstances) start out with a walk-up as a comparable and do adjustments. In fact, most banks won't allow more than a certain percentage total for adjustments (in my experience). The type of adjustments you make are when everything else is pretty much the same between the subject and comp but one (or two, maybe 3), so you adjust for that thing. If you are making HUGE adjustments, your valuation is meaningless because truth be told, the vast majority of adjustments to comps are fairly valueless (i.e. they are simply fudge factors).

30yrs: Agreed - you would have to be pretty desperate for comps to use an elevator/doorman coop as a benchmark for valuing a brownstone walkup. I was just responding to NYCMatt's specific statement, which would basically invalidate the use of comps altogether, unless the properties were identical.

As others suggest, the OP question is flawed in that the proper comparison is not to a similar apt in a different type of building/area. The appropriate measure are similar units, in similar buildings, on same block, similar block, same neighborhood. Closer the matches, the better the comps. Then you factor in which floor, condition, precise location/building, building financials, views, whether views are protected or likely to change, etc.

In this way, the RE market "tells you" what this type of unit is worth by virtue of what comps are actually selling for.

Also, living on the third floor without an elevator is barely considered a "walk-up". Now if you lived on fifth or sixth floor ...

I would never live in a walk-up beyond the 3rd floor.
Imagine coming up drunk?

Well, I suppose if routine inebriation is a concern ...

I live in a 4 floor walk up where you have to walk a full flight of stets to get to the floor they call one so, that makes it a five floor walk up. This is not for everyone. There really has to be something up there to be worth walking all those steps. In my case there is. You could get used to it but, it's a huge accompdation. If you have a choice and, these days you do, take my hard learned and earned advice...buy the elevator...steps are a bitch, especially after a Costco run.