Brand new $1,000 / month studios

83

Thx alanhart

High end studios for $1,000 a month? What's the catch?

The catch are the adjacent housing projects.

SpaHa.. any chance I can say that

"What's the catch?"

It's East Harlem.

no catch, looking to get all 16 units filled with good tenants. The studios will have a large bathroom with shower (no tubs) and a kitchen will a peninsula.

Why not say where they are?

you'll get many bites and it will rent out quickly. just be strong as the turnover will be very high or the occupants will be very high to stay put.

There goes the high-end finish idea... You don't even get a bathtub... I'm going with $800 per month and 15% vacancy. Plus legal bills of $10,000 per year.

How does that impact the cap rate?

What legal bills?

I'm sure you'll have no trouble finding good tenants at $1K per month in any part of East Harlem, no matter how small the space, walkup, no tub, etc. What I have doubts about are the costs -- such as increased RE taxes -- working for you at that rent amount.

"a kitchen will a peninsula"

A real kitchen, or appliances in the living room separated by a "peninsula"?

By "real", you mean one in which the servants are out of your sightline? Not everybody's all Fort George-fancy like you, Matthew.

I have some friends in that area (on 3rd), and they're paying like $2200 for decent one bedrooms with some amenities.... so $1k actually sounds like a good deal if it is a decent apartment.

Are the apts. in the basement?

i figured showers are more sought after than bath tubs (especially studio units that wont be family occupied. I will let you all know when were about to open up for previewing, thank you

somewhereelse- which side of third? you can get a legit two bedroom (albeit a walkup) for less than $2500 in that area, and closer to lex.

when are they available to see?