Build a rent roll that matches the leases
List each apartment, bedroom count, contractual rent, occupancy and lease dates. Reconcile the schedule with signed leases and collection records. Identify concessions, arrears and any nonresidential space separately. Do not assume that the latest rent roll explains a full year of operating results.
NSRA’s regional transaction record includes residential and mixed use buildings of different sizes. A buyer should be able to see the configuration of the subject property before comparing it with those other investments.
Prepare an expense history a buyer can follow
Collect recent annual statements and the current year to date, then document material changes. Match tax, insurance and utility expenses to the period shown. Identify owner labor, related party services and one time expenses that may need different treatment under new ownership.
Keep a separate capital schedule showing the item, date, cost and available supporting records. If a heating system was replaced, provide the information available about the installation. If work remains, explain the known scope without promising a cost or completion timeline that has not been established.
Bring property records into the process early
Prepare available plans, permits, inspection records, lead compliance documents where applicable and information about unit configuration. The purpose is to organize the information for qualified review. An assessment record alone does not establish that every existing or proposed use is legally authorized.
Use the property’s municipal assessor for recorded property characteristics and its building department for available permit records. These sources help owners assemble documents; counsel and other appropriate professionals resolve legal or technical questions.
Decide how to handle access and open questions
Tour planning should account for occupied units, tenant communication and the owner’s desired confidentiality. Agree on who coordinates appointments, which documents are shared initially and what information requires a more controlled exchange. Protect personal tenant information when assembling marketing materials.
Create a single list of outstanding questions before buyers begin diligence. Examples include an undocumented improvement, a lease amendment not yet in the file or a service contract that needs clarification. Resolving the question early can be more useful than polishing a brochure while leaving the underlying issue unanswered.
Compare offers on the full path to closing
- Price: include credits and any other economic terms.
- Financing: understand the buyer’s intended debt and evidence of equity.
- Diligence: identify scope, timing and access needs.
- Contingencies: have counsel explain the conditions and deadlines.
- Closing: assess whether the timetable fits ownership and the buyer’s proposed process.
Ask NSRA for a broker opinion of value before selecting a price, and review our multifamily sales process. Our regional coverage extends from the North Shore through Greater Boston and into Southern New Hampshire.