Reonomy can help you find multi family homes in New York or any other market with just a few clicks. Search properties based on a variety of qualifiers, access owner contact information, and get in touch with them directly. Learn more and try it for free.
Known for its grandeur city life, neon lights, and busy cultural scene, New York City is also a gold mine for multi family housing investment.
This is because nearly 63% of its residents rent a unit in a multi family property, almost double the national average of 37%. The high demand for this type of housing has created a unique opportunity for individuals looking to invest in real estate.
In this article, we will show those interested in investing in multi family homes in New York City how to search for the best deals on several different real estate listings services. We will also review Reonomy, the platform where users can sift through the city’s entire inventory of multi family properties, including assets considered “off-market.”
How to Find the Ideal Multi Family Investment in NYC
The easiest way to get started with your search for multi family homes currently offered for sale would be to visit some of the more popular real estate marketplaces such as LoopNet, CREXi, Zillow, and even Craigslist.
Some of these platforms feature properties marketed for sale by both brokers and owners, while others specialize exclusively in for sale by owner listings.
Commercial and Residential Real Estate Listings
While somewhat counter intuitive, multi family properties are considered commercial real estate because they are typically owned by an investor and ran as a business. Nevertheless, you can find multi family listings for sale on residential real estate platforms as well. Let’s look at some examples of both.
LoopNet is arguably the most popular search engine featuring commercial real estate for sale and lease. The platform and its sister websites boast 1.1 million properties across all asset categories, including office, industrial, retail, healthcare, hospitality, and of course, multi family.
LoopNet has a powerful search tool with a number of filters, allowing users to find properties that meet their exact criteria. For example, investors looking for multi family opportunities can choose from sub-categories such as high rise, low rise, and garden, in addition to specifying other building characteristics.
Another leading online real estate network, CityFeet offers for sale and lease space in multiple asset categories, as well as coworking opportunities.
The site has simple navigation and an easy-to-use search tool, however it comes with a limited number of filtering options. In addition to location and property type, users can only specify a price range, building size, tenancy type, or a keyword.
Nevertheless, the platform can be a great source for locating multi family housing for sale in New York City.
Founded by Barbara Corcoran of Shark Tank fame, Corcoran is a residential real estate brokerage serving primarily high-end markets in New York, Florida, and California, along with a handful of other exclusive locations around the world.
Because of its targeted geographical coverage, the company can be a prime source for discovering multi family properties for sale in New York City.
The company’s online search engine allows users to look for listings in specific neighborhoods of the areas they operate in. For example, when searching for properties in Manhattan, you can select Chinatown, Financial District, Greenwich Village, Harlem, and a number of other neighborhoods within the City as your target location.
Additional filters available to help users narrow down their search results include residential housing sub-categories, price range, number of bedrooms and baths, desired amenities, and more.
CREXi is another listings platform popular with investors, brokers, and other commercial real estate professionals. The website features over 400,000 commercial listings in asset categories such as multi family, industrial. office, retail, hospitality, medical, and mixed use.
CREXi is also a great source for obtaining sales comps, which can be pretty important for those looking to invest in multi family homes in NYC. The company offers over 13 million sales comparables, and 50 detailed market reports.
Commercial Exchange is a national commercial real estate marketplace, featuring verified listings for various types of commercial property, including multi family housing.
The platform’s advanced search options include filters for price, square footage, date added, building status, investment property, and virtual tour availability. You can also choose from a few multi family sub-categories, and search exclusively for, or exclude condos.
Even though Zillow is a residential real estate listing website, it also features commercial assets such as multi family homes for sale. The platform has a database of over 110 million properties, including for sale, for rent, and off-market homes.
Zillow also offers its proprietary Zestimate home values and Rent Zestimates, both of which could deliver great insights to investors looking for comp data and cash flow projections.
Similar to Zillow, Trulia is mostly used by people looking to buy or rent homes, whether a single family house, condo, or multi family complex. The site features over 1 million homes for sale, with thousands of multi family properties in New York City alone.
Trulia also allows users to search sold properties – an invaluable feature for investors, brokers, and anyone else needing real estate sales comp data. The industry leader of community insights, Trulia offers neighborhood photos, drone footage, and resident reviews to help buyers with the decision-making process.
For Sale by Owner Listings
The platforms we reviewed in the previous section typically feature properties offered for sale by a representing broker. If you would rather avoid the added cost of broker involvement, or would for any other reason prefer to deal with the owner directly, you should search for multi family homes that are offered for sale by owner.
Craigslist, Buildings By Owner, and FSBO.com are a few of the websites that may feature multi family homes for sale by owner in New York.
Craigslist is a popular online classifieds platform that features real estate for sale ads among a myriad of other post categories.
While not specifically targeted at real estate investors, the site can be an excellent resource for finding multi family housing for sale by owner in New York City. A Craigslist FSBO post may attract fewer competing buyers and therefore, there may be some hidden real estate gems on the site.
Buildings By Owner
Buildings By Owner features a variety of real estate assets, all offered for sale or lease by owner. It’s a great website to find commercial, residential, industrial, office, healthcare, and multi family housing for sale. Users can narrow down their search by location, type of property, size, and price.
FSBO.com is another for sale by owner platform that lists both commercial and residential real estate. Available property sub-type filters include condos, multi family, townhouse, single family homes, farms, and more.
The database can also be searched via an interactive map, where users can look for properties by state. Alternatively, they can specify their location of interest by city, county, or ZIP code.
There is also a quick search that can be used to look up a property by its listing ID.
Searching NYC Multi Family Homes Off Market With Reonomy
Whether offered for sale by a representing broker or by owner, all the properties featured on the platforms we discussed up to this point are actively marketed for sale. Another option would be to search for potential investment properties off-market with a platform like Reonomy.
Reonomy‘s database includes information on multi family homes in every market nationwide—from modest duplexes to large multi-unit apartment buildings. You can filter the multi family inventory by sub-asset type like duplex, triplex, dormitory, nursing home, mobile home park, frat and sorority houses, and more.
Additional filtering options include various building and lot characteristics, sales history, debt history, current tenants, tax information, and ownership.
Reonomy also provides contact information, including phone numbers and emails, for each property owner in their database, allowing users to get in touch directly without any third parties.
The ultimate goal of searching off market is to identify owners likely to sell and reach out to them directly before they even think about listing their property.
NYC Multi Family Homes for Sale Search Examples
Searching for a specific type of multi family home would be slightly different on each platform. In this section, we’ll illustrate the search process on three of the leading sites – Zillow, CREXi, and LoopNet.
Brooklyn Duplex Search With Zillow
To begin your search for multi family homes for sale in New York City on Zillow, you need to specify the location of your choice. To do that, simply enter “Brooklyn New York” into the search bar on the homepage.
Once you’ve got your results narrowed down to Brooklyn, you can use the interactive map or the list to browse through the available properties. Clicking on a listing will open a profile page with additional details on the property, including a photo gallery, price and tax history, Zestimate, neighborhood information, and a lot more.
Alternatively, you can use the filters at the top to further customize your search. You can specify the number of beds or bathrooms, the size of the building or lot, desired amenities or views, parking spots, price range, etc.
For example, if you would like to see only duplexes in Brooklyn, you can type “duplex” in the custom keyword search field.
Keep in mind that the more filters you apply, the fewer results you will get.
Bronx Multi Family Search With CREXi
As in the previous example, the first step when searching on CREXi would also be to specify your desired location. In this case, you would enter Bronx in the location search field. You’d also want to select “Multifamily” from the Property Type dropdown menu.
Once you see your first set of results, you can continue fine-tuning your search by accessing the advanced filters at the top of the page. As illustrated in the screenshot below, you can choose from a plethora of options that can help you find the exact type of multi family home you are looking for.
Filters such as occupancy percentage and cap rate, and the ability to see closed sales can be especially useful for multi family investors.
New York Apartment Building Search With LoopNet
LoopNet features a variety of advanced search filters, which can be accessed by clicking the link below the red Search button on the homepage. The filter menu can also be retrieved by clicking on the More Filters link at the top of any search results page.
In addition to the building characteristics filters that are pretty standard across platforms, there are a couple of options that may be especially relevant for multi family investors. Users can choose to search for investment properties, include/exclude condos and portfolios, or view only distressed properties or auctions.
The platform also offers a few multi family sub-categories. Possible selections include garden, low, mid, or high-rise buildings, dorms, and mobile homes. For example, if you are interested in larger apartment buildings, you can select the high-rise option.
Finding the Right Resource
If you are looking to invest in multi family housing in New York City, you can choose from a number of online resources to search for properties. While each platform is somewhat unique, the search process and available information will be pretty similar. A lot of times, using a particular listing service is nothing more than a matter of preference.
The more sources you utilize, however, the better the chance of finding the ideal property. Combining active for sale listings, FSBO listings, and off-market research with Reonomy is the most comprehensive approach to searching for multi family homes.