How Can You Find Apartment Buildings for Sale?
Investors interested in purchasing an apartment building should look for active listings on sites such as LoopNet, Showcase.com, CityFeet.com and Realtor.com. These sites allow investors to view pictures of the building’s interior and exterior and read details about the number of units within the building along with other relevant features.
Purchasing an apartment presents a unique investment opportunity compared to other forms of real estate in that the owner deals with multiple tenants who typically change over time. There are many factors an investor needs to consider before purchasing an apartment building to ensure that she has the highest returns possible on the purchase, such as the location of the building, the cost of any needed repairs and the annual upkeep expenses. Many commercial property listing sites allow users to specify a specific city or ZIP code and compare the asking price of different apartment buildings in those areas.
Once an investor identifies a building that meets her initial interests, she needs to have a licensed inspector visit the property to determine any health or building code violations as well as any repairs that the building needs. These costs are then added to the annual price of upkeep, such as paying for landscaping, taxes and management companies, to determine how much money the property generates.