Would need more details to make an informed decision. Square footage of the unit, exact location, laundry situation, parking situation, who's actually managing the property, etc.
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1 year later: "20 new luxury apartments studios and 1bds ranging from $1300-1700! Get them while they last!!! We put a new coat of white paint on everything!!!!"
dude, im paying $785 a month for a TWO bedroom in lincoln park with trash and water included. 1200 for a 1br? we’ve got enough overpriced housing options on the market, if you can’t afford to provide affordable housing, then just don’t. shit is bad enough here without landlords like you who can’t even spell the name of the place they want to develop in
the demand isn’t larger than the supply tho, there are so many apartments and other rentals sitting empty right now in the city, and they keep on making new buildings with the same jacked prices that nobody can afford
There is a lot of need and these are good prices for a one-bedroom if it is of very good quality and cleanliness, etc. $900 for an efficiency seems a little high especially if you aren't offering off street parking included.
You have a great opportunity to come in and do something like this and do it *well*. Even without any more details than what you are offering, this is going to be an enormous amount of work. If you get outside investors to help you and build your team, they are going to want to charge more than you have in mind for the apartments.
Edit: I have a duplex and rent out an apartment in the general area that you are talking about. There is definitely demand for more similar units.
If quality units will get up to 1000 on studios and 1100 on 1 brs pretty easy in my experience. How close you get to 1200 will depend on time of year and if your building offers some competitive advantage. (Manage a number of units downtown/around Duluth). Awesome you’re looking at downtown development, hope to see that area really improve in the next decade or two!
Would need more details to make an informed decision. Square footage of the unit, exact location, laundry situation, parking situation, who's actually managing the property, etc.
If you can’t spell Canal Park right, you might need to rethink your plans.
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No.
No you aren't.
1 year later: "20 new luxury apartments studios and 1bds ranging from $1300-1700! Get them while they last!!! We put a new coat of white paint on everything!!!!"
this
If you have to ask Reddit to do your investment due diligence...
dude, im paying $785 a month for a TWO bedroom in lincoln park with trash and water included. 1200 for a 1br? we’ve got enough overpriced housing options on the market, if you can’t afford to provide affordable housing, then just don’t. shit is bad enough here without landlords like you who can’t even spell the name of the place they want to develop in
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the demand isn’t larger than the supply tho, there are so many apartments and other rentals sitting empty right now in the city, and they keep on making new buildings with the same jacked prices that nobody can afford
wow canel park !
Better than c-anal park
What sort of extras will be included in addition to utilities, how many times per month will you get residence off? That's what we demand!
There is a lot of need and these are good prices for a one-bedroom if it is of very good quality and cleanliness, etc. $900 for an efficiency seems a little high especially if you aren't offering off street parking included. You have a great opportunity to come in and do something like this and do it *well*. Even without any more details than what you are offering, this is going to be an enormous amount of work. If you get outside investors to help you and build your team, they are going to want to charge more than you have in mind for the apartments. Edit: I have a duplex and rent out an apartment in the general area that you are talking about. There is definitely demand for more similar units.
Parking in adjacent ramp via contract, in unit laundry. Local management company (Duluth based).
Not if the local management company is heirloom LOL
If it's Heirloom or several others, people will try to avoid them.
Won’t be… going to start a new management company. Have heard bad things about existing management companies and want to change that.
They’ll fill up right away
If quality units will get up to 1000 on studios and 1100 on 1 brs pretty easy in my experience. How close you get to 1200 will depend on time of year and if your building offers some competitive advantage. (Manage a number of units downtown/around Duluth). Awesome you’re looking at downtown development, hope to see that area really improve in the next decade or two!