Depending on your role in commercial real estate, you may be interested in multifamily assets. A multifamily property is a type of commercial property that includes more than one unit for residential inhabitants. This could be apartment buildings of any size, condominiums, mobile home parks, dorms or co-ops.
Below, we explore how to go about finding these types of assets using powerful off-market technology, so you can find multifamily deals before the competition does.
TABLE OF CONTENTS
- Multifamily Properties for Sale
- Off-Market Multifamily Properties
- Benefits of Off-Market Deal-Making
- Conduct a Multifamily Property Search
- Search by Geography
- Search by Transactional Information
- Search by Building Level Data
- Search by Multifamily Asset Type
- Search by Ownership Information
- Connecting with Multifamily Property Owners
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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. These are considered “off-market.”
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. It can be hard to find the appropriate listing platform for your needs. Deciding which platforms to search and list on can end up taking a lot of time, and are often expensive. For more information on relevant listings platforms, read our guide here.
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. 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. Instead, you can now search any commercial property record nationwide with speed and ease.
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. 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 potentially approach.
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.
When looking for off-market properties, you also have more flexibility. Since you’re dealing with owners directly, rather than middle-men, you have the opportunity to create more flexible deals that benefit both parties.
Again, off-market commercial real estate technology like Reonomy OffMarket can help you identify viable multifamily assets faster, with the single click of a button.
With Reonomy OffMarket, 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.
Watch our video below, or read on to learn how exactly to find multifamily properties with Reonomy OffMarket.
To start, simply select the filter you want to search by. You can filter your search by geography, building information, sales and debt information, and more.
Search for target vacant land opportunities based on the geography of your focus. Use the geographic search most relevant to your objectives, including filtering by street address, zip code, county, city and state.
Alternatively, scroll through the interactive map areas that are within your focus. Click on individual parcels to uncover nuanced multifamily details.
Search multifamily properties by filtering for specific sales and debt criteria. Find multifamily properties with the most recent sale price and/or date of the last sale.
Or, look for properties coming to term on loans by looking at debt criteria. They will either be looking to refinance or sell.
Filter search criteria by specific building level data like total building area and total units. Search by specific zoning regulations or by year built and renovated.
Limit searches to buildings of a certain size and built within a certain time period that fits your desired criteria of search. You can also choose to search for properties inside designated Opportunity Zones.
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 apartment buildings, duplexes, triplexes, mobile home parks, low-income housing, cooperatives and more.
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.”
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 TrueOwner, you can search any multifamily property in the US and uncover the associated property owner.
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. Start your free trial today.