I own a brownstone on the upper east side of manhattan (btw 1st and 2nd). Years ago, the first floor was divided into two apartments (one in the front and one in the back. What is now the back apartment on the first floor has a real interior staircase (not one of the metal spiral staircases) going to the second floor. The second floor is just one floor-through apartment. Previously, the apartments... [more]
I own a brownstone on the upper east side of manhattan (btw 1st and 2nd). Years ago, the first floor was divided into two apartments (one in the front and one in the back. What is now the back apartment on the first floor has a real interior staircase (not one of the metal spiral staircases) going to the second floor. The second floor is just one floor-through apartment. Previously, the apartments were separated and rented as a 1br (the back first floor apt) and a 3br (the second floor through). Both need significant renovations.
My question is that in today's market, does it make more sense to keep them divided or rent them as a one and a half floor duplex? I am only considering the option simply because the staircase is already there so it just feels natural.
I plan on making them pretty nice regardless of the configuration. So my question basically comes down to whether I would make more money renting them separately or together? Also, which would be easier to rent? Lets assume for simplicity's sake I could get $4K for each apartment on its own. Could I get $10K combined? (I realize this may be impossible to answer without actually seeing the apartments and depends on the renovations) If I could, is it easier to rent two $4K apartments (or even two $5K apts) as opposed to one $10K apt? Thanks so much...any feedback is greatly appreciated.
[less]
Response by w67thstreet
almost 14 years ago
Posts: 9003
Member since: Dec 2008
Huh? Really. In this economy? I'd rather have 2 1bdrms than a duplex on 1st ave. easier to rent. Less Reno. And less vacancy.
Better yet sell it as a duplex. Tout the low interest rate. 'ownership.'
Monetize the bubble gift ASAP. Bf it's too late late.
Ignored comment.
Unhide
Response by zacksabag
almost 14 years ago
Posts: 24
Member since: Oct 2008
Keep them divided. Collect more rent. If apartments don't get rented quickly enough, reduce the price as if it were a single apartment. Problem solved.
Ignored comment.
Unhide
Response by zacksabag
almost 14 years ago
Posts: 24
Member since: Oct 2008
Also no one is paying 4k for a 1 br duplex In a brownstone on the ues.
1 br duplex average is going for 2400.00.
Heck there's a 1 br triplex on 88th and lex alone for 2250 elev laundry...
Ignored comment.
Unhide
Response by Nintzk
almost 14 years ago
Posts: 96
Member since: Nov 2011
its not a one bedroom duplex....there is currently a one bedroom apartment (the back half of the first floor) with an interior staircase connecting it to the second floor, which is a 3 bedroom apartment.
Huh? Really. In this economy? I'd rather have 2 1bdrms than a duplex on 1st ave. easier to rent. Less Reno. And less vacancy.
Better yet sell it as a duplex. Tout the low interest rate. 'ownership.'
Monetize the bubble gift ASAP. Bf it's too late late.
Keep them divided. Collect more rent. If apartments don't get rented quickly enough, reduce the price as if it were a single apartment. Problem solved.
Also no one is paying 4k for a 1 br duplex In a brownstone on the ues.
1 br duplex average is going for 2400.00.
Heck there's a 1 br triplex on 88th and lex alone for 2250 elev laundry...
its not a one bedroom duplex....there is currently a one bedroom apartment (the back half of the first floor) with an interior staircase connecting it to the second floor, which is a 3 bedroom apartment.
If divided it would be similar to this apartment,http://streeteasy.com/nyc/rental/852553-rental-340-east-81st-street-yorkville-new-york, but will be done nicer and bigger. This one is going for $3100...So maybe not $4K, but definetly $3500