Live-In Landlord Opportunity in NYC
Anyone who has lived in a metropolitan area has no doubt entertained the fantasy (or horror) of becoming a landlord in one of the quaint old apartment buildings that we rent.
Well, here’s your chance to see what your options are. There’s just such a building available in New York’s adorable West Village.
For a cool $4.5 million, you can not only live in the building, but also manage 5 other units. The good news is the building is in a nice location, the landlord apartment seems great, and there’s outdoor space. The bad news? Four of those rental units are rent-regulated, meaning they’re either rent-controlled (horror of horrors) or rent-stabilized (slightly less horror). Without getting the disclosure package, it’s hard to tell just how rent-regulated the units are. In New York, rent-regulation means people could be paying anywhere from $300/mo to close to market rate for these units.
Most of the photos available are of the exterior, but the few interior photos of the landlord unit show a nice little living space, even if some sprucing-up is in order:
And when in doubt, show some trees. They always look good!
Floorplans don’t typically speak to me, but these actually made me like this property more. Look at all the space in the landlord apartment! Two full floors and 3 bedrooms. In the West Village, that’s worth a couple mil, easy! [View on Sotheby's]
Click to enlarge:
So what do you think? Are you ready to throw down your $4 million on the loft posted earlier this week? Or do you like the idea of an investment property more, even if you have to live like an ogre in the basement?
At RSRE, we know how intimidating it can be to even consider buying a home, and we hope to help demystify the process, give helpful unbiased advice, and inspire you along the way. [
