Investment properties in Queens offer opportunities to generate revenue and grow portfolios. However, before purchasing properties in Queen, it helps if you know how to assess the overall profitability.
Why Are Properties in Queens Selling?
Investment properties sell in Queens for a number of reasons. Owners might be streamlining portfolios or in need of immediate capital. Retirement or medical expenses can motivate people to sell investment properties. Re-zoning can make the use a property irrelevant to the interests of the owner. The reasons are many, but if you are looking at investment properties in Queens, then you need to figure out why those properties are up for sale, so you are not stuck with a proverbial money pit.
Ask to See the YTD Financials
In the world of commercial real estate, sellers want to highlight as many positive points in a property as possible. When assessing investment properties in Queen, it is important to go beyond the “sales pitch” and dive into the hard numbers. Ask to see the year to date financial, profit and loss statements, and operating sheets. These will give you a much better idea of how much capital will be necessary after the acquisition to renovate a property. Has the structure been updated? When was the last time the electrical and plumbing were given any attention? How much does it cost to maintain an investment property in Queens, running at full occupancy? What are the taxes like? Financials can give you the answers to those questions and many more to help you decide if a particular investment property is worth the money.
Zoning and Legislation
Assessing investment properties in Queens requires more context than just financials. Take a look at local zoning laws. In other parts of NY, previously residential properties are changing over to commercial use. Look at other properties and businesses in the immediate area to get a feeling for rental prices, and whether the location will attract tenants.
Financing Investment Properties in Queens
Investment properties in Queens require capital for acquisitions, renovations, and even advertising vacancies. Express Capital Financing provides funding solutions for properties throughout NYC, so investors can quickly turn their acquisitions into revenue-generating investments. From conventional loans to bridge financing, mezzanine funding, construction financing, and more, Express Capital Financing is your one-stop provider for all your commercial real estate needs. Contact our office today to learn more.