Multifamily properties are among the most sought after among real estate professionals.
They offer a ton of flexibility and ROI for investors, and likewise, serve as a tremendous line of business for lenders across the country. And that’s only the start.
What qualifies as a multifamily property?
A multifamily property is any type of property that includes more than one unit for residential inhabitants.
Multifamily property types include:
- Apartment buildings (of any size)
- Mobile Home Parks
- Frat/Sorority House
- Nursing Home
Below, we explore how to find multifamily properties using powerful off-market technology, so you can find multifamily deals before the competition does.
How to Find Multifamily Properties
We’ll discuss finding multifamily real estate off-market versus on the market, along with the benefits of why you might search for properties off-market.
Then, we’ll show you how you can find multifamily properties of any unit count using the Reonomy Platform.
Part One: Multifamily Properties for Sale vs. Off-Market
- Multifamily Properties for Sale
- Off-Market Multifamily Properties
- Benefits of Off-Market Deal-Making
Part Two: How to Find Multifamily Properties Using Reonomy
- By Location
- By Transaction History & Information
- By Building and Lot Characteristics
- By Multifamily Asset Type
- By Owner Name or Address
Part Three: Connecting with Multifamily Property Owners
Multifamily Properties for Sale vs. Off-Market
There are two main ways to find multifamily properties to pursue. The first is by searching sales listings and seeing which properties are “on market.”
The second option is to explore both listed and unlisted properties behind the scenes. These are considered “off-market.”
Multifamily Properties for Sale
Most people interested in multifamily property would head to a listings platform to search for properties “for sale,” and to compare pricing of multifamily properties they are looking for in their area.
There are plenty of real estate listing platforms out there, but not all of them list every multifamily property available.
Deciding which platforms to search on can end up taking a lot of time, and can be fairly expensive depending on the type of deal you’re trying to land.
Off-Market Multifamily Properties
While you may be used to searching for new properties on a listings platform, there are major benefits to sourcing a property off-market.
If off-market deal-making sounds complicated and time-consuming, there are now tools like Reonomy that can help you find multifamily properties to invest in, despite those properties not being actively listed for sale.
You no longer have to spend valuable time taking trips to your local county recorder, clerk or assessor’s office to perform a property search and find out what return an owner would expect on an asset.
Benefits of Off-Market Deal-Making
Benefit #1: Little-to-no competition.
One benefit of off-market deal-making is that, since the property isn’t actively being listed, you’ll likely be the first person to reach out to the property owner to propose a deal.
At the most, you’ll be one of a very select few.
If the owner has not listed the property, they are likely not actively looking to sell. However, this does not mean that the owner wouldn’t be open to the idea of a sale.
There are certain trigger signs that you can look for in a property owner to know whether or not they are worth approaching.
Benefit #2: No broker fees.
Another benefit to searching for off-market multifamily properties is skipping broker fees.
This kind of direct purchasing can allow you to offer more money directly to the owner of the property or to skip fees that are usually incurred when listing a property.
Benefit #3: Flexibility.
When looking for off-market properties, you also have much more flexibility.
Since you’re dealing with owners directly, rather than intermediaries, you have the opportunity to create more flexible deals that benefit both parties.
So, how does Reonomy help with all of this?
In short, the platform gives you access to all of the property and people data you need to identify multifamily properties and owners that are likely to buy, sell, refinance, or are in need of some kind of service(s).
How to Find Multifamily Properties Using Reonomy
With Reonomy, you can easily navigate the database to find the exact assets you’re looking for, then analyze individual property information and unlock contact ownership information to reach out and potentially strike a deal.
When using Reonomy’s Platform, you can search through a market of your choice, for specific asset types of any size, that have very specific financial and transactional profiles.
Find Multifamily Properties by Location
Search for target multifamily opportunities based on the market of your focus.
Use the geographic search most relevant to your objectives, including filtering by exact address, street name, zip code, county, city, MSA and/or state.
Alternatively, scroll through the interactive map to see the properties within your current areas of focus.
Click on individual parcels to uncover nuanced multifamily details.
Find Multifamily Properties by Transaction History & Info
Search multifamily properties by filtering for specific sales and debt criteria.
For example, find multifamily properties that have a most recent sale price in a certain range, or that have (or have not) been sold in a set time period.
Or, look for properties coming to term on loans by looking at debt history, filtering by most recent mortgage amount, origination and maturity dates.
Owners of these properties will either be looking to refinance or sell.
Find Multifamily Properties by Building and Lot Characteristics
Filter search criteria by specific building level data like total building area, number of units, and lot area.
Search by specific zoning regulations or by year built and renovated.
Limit searches to buildings of a certain size built within a certain time period—whatever it is that fits what you’re looking for.
You can also choose to search for properties inside designated Opportunity Zones.
Search by Multifamily Asset Type
Reonomy also offers the ability to search by asset class.
This allows you to get as specific as possible with your multifamily search and includes duplexes, triplexes, mobile home parks, dorms, frat/sorority houses, nursing homes, and more.
To search for apartment buildings, simply search for “Multi family (General),” then sort by unit count to find the apartment building of your preferred size.
Find Multifamily Properties by Owner Name or Address
Finally, if you know the owner of the entity you’re interested in, the Ownership tab allows you to search for specific property owners by name.
It is the most granular way to dive into property ownership on Reonomy.
To apply this filter, simply enter the name or mailing address of the property owner who’s portfolio you’d like to view and click “Apply.”
Connecting with Multifamily Property Owners
After you’ve found the multifamily property you’re interested in, making contact with the owner can help you complete a deal in less time.
With Reonomy, you can search any multifamily property in the US and uncover the associated property owner by visiting the Ownership tab on the property.
Finding Multifamily Owner Contact Info
Go beyond the reported owning entity, find the person behind the LLC. For a search, uncover the property owner name, mailing address, phone number, and email.
You can also explore their entire portfolio to see how many and what types of properties they own.
This allows you to dig deeper into the history and details of other land and property they own to help understand each property down to building level detail, and how best to approach an owner with a deal opportunity.
Whether you’re looking for a cozy suburban duplex or a sprawling apartment building in the heart of the city, Reonomy can find your next multifamily investment with ease.