Historical Overview:

Across the street from our office and one block away from the J.R Smith building, this twelve unit property is about to undergo a large renovation. Excluding the small convenience store which is in great shape, the building is vacant and construction will begin April of 2024. Renovations will include fire suppression and monitoring, new electrical, plumbing, windows, flooring, kitchens, baths, doors and trim. Historic elements of this once very grand apartment building will be preserved as much as they can. We expect to fill the two vacant commercial spaces with a boutique pet grooming facility and a Colombian themed bar and small eats establishment.

Next Stages of Development:

• Wrap up asbestos abatement and provide documentation to city hall for demolition permit
• Demo and cleanup
• Windows
• Rough trades

‍

Financials: 

Property Type - Multi Family / Mixed Use

Total Units - 12

Unit Mix - 3 one bedroom units, 3 two bedroom units, 3 three bedroom units, 3 commercial units

Purchase Price - $250,000

Renovation Budget - $680,000

Stabilized Monthly Rent Roll after improvements - $210,000

Stabilized Value - $2,100,000

Projected Stabilization - Winter 2025

‍

‍

‍

‍