COMMERCIAL SERVICES MULTI-FAMILY
Let our professionals share their experience and knowledge with you whenever you are buying, selling, or managing multi-family properties.
OUR SPECIALISTS ARE Here to Assist you
Multi-family properties are one of the most favored asset classes for investors, from smaller entities right through to larger private equity types companies/funds or syndications.
The continually strong rental demand for multi-family properties means that there are a variety of opportunities in the sector. Some investors simply buy for the cash flow, whereas others buy to “add-value” by undertaking certain renovations and upgrading the property/ies.
Multi-family can range in scale from 4-6 units, right the way up to several hundred residential units and, as you can appreciate, there are plenty of issues regarding tenants and management to deal with. Still, no matter whether you are a landlord or tenant, seller or buyer of multi-family, our professional property advisors at Century 21 will be more than happy to help.
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We can advise you on issues relating to multi-family such as…
LOCATION
Investors will always look for well-located multi-family properties close to population catchment areas and with good accessibility and potential for long-term growth. Occupiers will, obviously, want a good neighborhood, close to transport links and good shopping amenities—so what constitutes a great location?
SPECIFICATIONS
There is a trend to improve the quality of multi-family units, with sub-trends such as “build to rent” properties aimed at specific demographics, such as retirees or millennials, gaining traction. Another key trend is the addition of better amenities in multi-family blocks such as a gym or maybe swimming pool, as well as concierge services.
USAGE
Normally the usage of multi-family is limited to residential occupancy but are tenants allowed to sub-let or run as an Airbnb or some other partial commercial use such as running a business from the unit? Is there a limit on the maximum number of occupants per unit?
DURATION OF LEASES
Leases are typically 1 or 2 years but this can depend on the state of the market, the demand and supply factors in the immediate area, and so on. Some tenants are happy to continually extend but, of course, landlords wish to ensure that rentals are kept in line with market rates.
RENTAL AND INVESTMENT YIELDS
It’s important to know about supply and demand trends in order to establish the market rental for multi-family units, of which there may be various types such as 1-bed or 2 or 3-beds in the complex. From an investment perspective, the investment yields or returns need to be calculated—and whether they are on a gross or net basis.
RENTAL BASIS
How is the rent calculated, is it so much per m2 or on a lump-sum basis per apartment? What is included in such rent, the CAM, for example? Are the consumption of electricity and water excluded, as well as any other services such as internet or use of any on-site gym?
PROPERTY MANAGEMENT
A specialized multi-family property management software, which helps simplify and automate their day-to-day tasks and streamline building operations, will be required, but which are the systems most commonly being used? Is the system robust and scalable and does it meet the operational needs of the multi-family property? Are there any legislative requirements about having staff on site at certain times or available to be on call so they can be on site quickly if needed?
COMMON AREA MANAGEMENT ("CAM") FEES
How much are these fees, what do they include and who is responsible to pay them?
SECURITY DEPOSIT
How many months' deposit is required and who will hold this sum? How and when can the tenant have this returned?
CAR PARKING
Are plenty of spaces available for tenants of the multi-family and is there a separate charge for such usage?
Muli-family homes is one of Century 21 key specialties, and we have experts who are both knowledgeable and experienced regarding the above issues. Just let us know about your requirements for a multi-family property, and we’re sure we can provide a full scope of services.
If you are an owner, a tenant, a buyer, or a seller, don’t hesitate to call or email us now and we’ll be pleased to assist!
Find Your Local Specialist Now!
Our Commercial Advisors offer local knowledge
with a global reach.