BTW=> the cost of running a muti-family apartment building in NYC is 40-60% of its income. BEFORE THE MORTGAGE PAYMENTS.
Real estate taxes are typically 10 to 20% of income.
Heating costs are typicaly not less than $200 per room per year with a range of $700 to $1,000 per residential apartment per year.
Management expense is typically 3 to 5% of income.
Reserves for replacements are typically $125 for a walk up and $150 for an elevatored buidlng per unit per year. This is to have funds aside for replacement of roofs, boilers, sidewalks and other major capital improvements.
Utility expense to provide common hallway lighting is approximately $90 to $200 per unit per year.
Water and sewer charges are typically $350 to $475 per unit per year.
Rents here are high because expenses here are high.
Newer concrete fireproof buildngs frequently still provide central hot water and gas (unmetered) with which to cook. Oddly they include PTAC units to heat and cool. these ARE metered to the tenants. Think 42 inch wide (1 meter +) hotel/motel heat pumps.
Real estate taxes are typically 10 to 20% of income.
Heating costs are typicaly not less than $200 per room per year with a range of $700 to $1,000 per residential apartment per year.
Management expense is typically 3 to 5% of income.
Reserves for replacements are typically $125 for a walk up and $150 for an elevatored buidlng per unit per year. This is to have funds aside for replacement of roofs, boilers, sidewalks and other major capital improvements.
Utility expense to provide common hallway lighting is approximately $90 to $200 per unit per year.
Water and sewer charges are typically $350 to $475 per unit per year.
Rents here are high because expenses here are high.
Newer concrete fireproof buildngs frequently still provide central hot water and gas (unmetered) with which to cook. Oddly they include PTAC units to heat and cool. these ARE metered to the tenants. Think 42 inch wide (1 meter +) hotel/motel heat pumps.
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