What is the rent level in 2021 when the previous owner sold
Do you mean current rent level is $20k/month? If yes, even it includes some utility costs (2-3 thousand at most?), the effective rent is around $17k to $18K. Therefore the asking price of 2.4 millon is not too bad in my opinion.
My guess: previous rent level is pretty low (like around $10k/month), so the current owner somehow increased rent from $10k/month to $20k/month----that increased the NOI, and therefore increased the asking price to $24k.
Why can the rent be increased so much?
1. Market rent inflation for the past 2-3 years.
2. Small area becomes revitalized, so bad tenants moved out and quality tenants move in with big rent increase?
Based on the information you provided, it is a 20-units small complex, rent is about $1000/month/unit. Price is $2.4 million. If downpay 25% (0.6 million), the loan is 1.8 million.
Rent = $20,000/month x 12 = $240,000/year
Vacancy= $240,000 x 5% = $12,000 (if assuming 5% vacancy)
utility= $1500/unit/year x 20 units = $30.000 (this cost is too high)
Tax= $3000/month x 12 months = $36,000 (this tax is too high)
insurance = $1000/unit/year x 20 units = $20,000 (this insurance is too high)
repair/maintenance = $100/unit/month x 20 units x 12 months = $24,000 (considering high cost near ocean)
reserve = $50/month x 20 units x 12 months = $12,000
Total costs= $134,000
NOI= $240,000 - $134,000 = $106,000
If taking $1.8 million loan at 6.5% (30-years fixed), mortgage= $11377/month x 12 months = $136,524
Net profit = $106,000 - $136524 = - $30524/year (negative cash flow about $2500/month)
Cap rate = $106,000/ $2,400,000 = 4.4% (too low compared to 6.5% mortgage rate which is your break even point)
To summarize, the utilities/insurance/tax are all too high compared to average multiple families.
近期，本地又有一栋小公寓楼上市。240万。
这楼上次上市是在2021年5/6月，不到100万。我记得清楚，因为当时我也有兴趣，网上记录显示2012年，该栋楼以6万多售出。
看到后我很感慨，12年我也在投资房产，按2021年价值估算仅增值到约3-6倍，而这栋楼增值到15倍。我知道楼在6万多买入后，一定有维修装修等等费用投入。出售说明上没具体写，也没照片。当时我刚搬迁到此地，商贷关系尚未建立起来。想着等两天照片放上网，看过照片再行动。当然，毫无悬念，那楼很快就pending了，当时的市场非常火热。这15倍，留给我投资的维度性思考。在投坦我为此楼发过贴。
这次上市，有照片了，我大概能看出这楼在2020-2021期间装修过，小套房，按当时价格估计每套投入5-6千可以完成，花费10-12万，换过房顶，算2万，外墙油漆过，可能水电也做了升级，总费用我大致估算在20万左右。而真正升值的，我认为还是那地段近年变得越来越好，市区，交通生活都很方便，占地半英亩。
从这次上市的说明里看，买家买来后只做了一件事，在地块上又申请到建几套townhouse的许可。
这楼我现在完全没有兴趣了，只有兴趣去思考一些超出我维度的投资行为。
记得七八年前，看《三体》这本书，对7维9维空间的理解与想象力非常有限，直到昨天把电视剧看完了，才有了比较直观的理解，如同看别人能赚我赚不到的钱一样，都很好看。
其实我认为，如果不太差的地区，地点不是投资房产的最重要因素，我认为时间和规模才是最重要.
我20年前买的楼1-2万，现在是8-10万，虽然只有4-5倍，当时如果有200个门，一个门赚5万，那就是1000万.
以前有人问，然后能10年赚1000万，我说很简单，1. 银行借出1亿，10% 回报就是1000万， 2. 200套房，每个涨5万，也是1000万.
更大规模的，1000个门，每涨1万就是涨1000万.
最近5年甚至更短的时间买入的均可见大幅（超过50%）增值记录。有人可能说这些区现在跌了。谁能举出这些区能够跌低于5年前的吗？孤例不算。
所有地区或者所有情况。
发大财就两点：
1. 眼光带来的信心
2. 命运，有人无论多努力多聪明也没法发财，有人拉屎时候都能捡到别人忘记的劳力士手表
那应该属于我的能力和精力有限，而赚不到的钱。
其实，后来比我出价高的买家也退出了，那中介又回来问我要不要买，我刚买到其它房，没有资金，也就等于没有机会。
也是一个多家庭，第一次出售是2020，之前是一个owner自己建的，好像并没有出租，2020买家的价格150万，2022年初卖出价格350万，建筑本身是水泥砖，买家做了全新装修。而且这样的情况并非很特殊。
因为我自己2020也买了一个多家庭的，当时是三个物业一起卖的，我在坛子上还写过，当时加一起也就2米多，现在一个就价值两米多。我的感觉2020年商业地产价格非常低如果卖的话，包括多门的物业，特别是需要装修的，
Do you mean current rent level is $20k/month? If yes, even it includes some utility costs (2-3 thousand at most?), the effective rent is around $17k to $18K. Therefore the asking price of 2.4 millon is not too bad in my opinion.
My guess: previous rent level is pretty low (like around $10k/month), so the current owner somehow increased rent from $10k/month to $20k/month----that increased the NOI, and therefore increased the asking price to $24k.
Why can the rent be increased so much?
1. Market rent inflation for the past 2-3 years.
2. Small area becomes revitalized, so bad tenants moved out and quality tenants move in with big rent increase?
Just my rough guess.
怎么扩大规模还真不是想想就能办到的。
老大开课讲讲呗
冷暖和厨房热水都用电（海边湿度大，空调全年开），年平均每户会在1500吧。地税一项每月3000，保险很贵，我问过类似的每户一年在1000左右，小单元或许能便宜点儿。
另外，现在利率6-7%，每月还贷款多少？还有各种维修/杂费及公寓楼的空置率。
卖家的要价大致可能就是按刚能打平开的价，并且算得很紧。
至于买来赌增值，这样的涨幅我看着很晕，未来几年能站得稳就挺好。:)
那个第一次做装修的建筑价格大概涨了50%，现在类似的一个楼在附件卖，要价比我买的价格大概涨了45-50%还很好卖，这个比较正常。
我说的这个拿了两块商业区的房子 这个买在了商业建筑市场最低的时候，还没有做装修， 如果装修绝对不比你说的这个少赚
https://bbs.wenxuecity.com/archive/2020/tzlc/1422778.html
Based on the information you provided, it is a 20-units small complex, rent is about $1000/month/unit. Price is $2.4 million. If downpay 25% (0.6 million), the loan is 1.8 million.
Rent = $20,000/month x 12 = $240,000/year
Vacancy= $240,000 x 5% = $12,000 (if assuming 5% vacancy)
utility= $1500/unit/year x 20 units = $30.000 (this cost is too high)
Tax= $3000/month x 12 months = $36,000 (this tax is too high)
insurance = $1000/unit/year x 20 units = $20,000 (this insurance is too high)
repair/maintenance = $100/unit/month x 20 units x 12 months = $24,000 (considering high cost near ocean)
reserve = $50/month x 20 units x 12 months = $12,000
Total costs= $134,000
NOI= $240,000 - $134,000 = $106,000
If taking $1.8 million loan at 6.5% (30-years fixed), mortgage= $11377/month x 12 months = $136,524
Net profit = $106,000 - $136524 = - $30524/year (negative cash flow about $2500/month)
Cap rate = $106,000/ $2,400,000 = 4.4% (too low compared to 6.5% mortgage rate which is your break even point)
To summarize, the utilities/insurance/tax are all too high compared to average multiple families.
4.4cap+可建地，卖家代理的账算得也一点不含糊。:)