Private outdoor space

A very rough rule of thumb would be 25 - 50% of the $/sf of indoor space. So if the apt is going for $1000/sf, then the outdoor space would add $180k - $360k. Obviously this needs to be adjusted for the specifics (balcony/terrace, view, loud equipment nearby, etc.).

I second mb43's answer.

Thanks!

A caveat, though: outdoor space won't add more than 10-20% to the value of the apartment. So if the terrace is attached to a 700-
sf 1-bedroom, worth $700,000 in the above example, even the nicest private outdoor space (landscaped, accessible from the living room, with light and view), the outdoor space won't be worth more than $140,000.

It also depends on the sub-market and the availability of inventory of private outdoor space within that sub-market.

There are neighborhoods in Manhattan where very few to no apartments have (nice) outdoor space. The premium for the apartment that have nice outdoor space can be quite high and above what any formula would dictate.

Outdoor space buyers are unique. It's uninmportant to negative for much of the market, but extremely important to a small sliver of the market. Success or failure in some part depends on how many of those buyers are in the market when a unit is listed. In my long quest for private outdoor space, I saw overpriced apartments go quickly and reasonably priced apartments (that didn't work for reasons other than outdoor space) linger for a little while. I think it all depended on how many "outdoor space" buyers were active when the listings went on the market.

I'll say this, as someone in the final throes of building a private roof deck (& roof access) where none existed before -- ANY premium for existing outdoor space is worth it v. living with the construction of expanding upward!

It is hard to find a apt with outdoor space,especially terrace.you will feel living in city apt and country house.
mstly on the second floor or penhouse has a terrace.I will pay much more because of it.It is unique,you can't get it even paying more.

outdoor space needs to be private inho to even consider buying. Most of them are not. Very tricky. Rooftop may mean you will be responsible for the roof and leaks. better to have small apartment and country house

does the "25 - 50% of the $/sf of indoor space" rule also apply to rentals? So, for example, if there was a $3000/month apartment (at 800 sq/ft...so $3.75/sf) a patio would be roughly $.9-1.8/sf?

also, I have outdoor space (back of a brownstone) of roughly 1250 sqf (going to be renovated...either tiled or wood panels). Looking around the market, this seems to be unusually large. Is there a significant premium to having this much outdoor space or does the value of the space go down once you go past simply having a balcony. Thanks