17 unit apartment building with 17 two bedroom units, 12 one bedroom units, 2 garage/storage units
This property was heavily distressed and acquired from a motivated seller. Many of the properties in our portfolio have similar stories. The property had deferred maintenance, bad property management, bad tenant relations, and under market rate rents. After the acquisition, we implemented a similar plan of new property management procedures, improved tenant relations and deferred maintenance repairs. The next 2 years included kitchen and bath updates, new LVP flooring in turnover units, new hot water heaters, electrical and lighting updates, fire alarm upgrades, common area flooring, painting, and lighting, and new front doors with intercom access control.
Property Type - Multi Family
Total Units - 31
Unit Mix - 17 two bedroom units, 12 one bedroom units, 2 garage/storage units
Purchase Price - $1,350,000
Renovation Expense - $383,000
Annual Rent Revenue - $336,180
Stabilized Value - $3,100,000
Projected 2025 Revenue - $414,000
Loan Term - 5 years
