Historical Overview:

The story of this property is slightly different from the others, mainly because this property was mostly renovated prior to our acquisition, however it was completely vacant. Another motivating factor behind this property was it was directly adjacent to our recently improved property at 121-131 Clemente, allowing us greater control over the neighborhood improvements. When we acquired the property, we leased up all 12 residential units and implemented our management procedures. We also began developing a plan for leasing and/or building out a complimentary business for the commercial units. We ended up moving forward with a plan to develop a laundromat in the large, street facing, commercial unit of the property. Our $100,000 budget for building out the laundromat included; machinery (all purchased for under $15,000), necessary plumbing and gas work, new lighting, new paint and flooring, new windows and entry door.

Next Stages of Development:

• Complete the buildout of the laundromat and connect all machines on site.
• Turnover the rear commercial unit and lease the space. We are currently researching the highest and best use for this space in regards to financial and community impact.

Financials: 

Property Type - Multi Family / Mixed Use

Total Units - 14

Unit Mix - 6 one bedroom units, 6 studio units, 2 commercial units

Purchase Price - $700,000

Renovation Expense - $100,000

Annual Rent Income - $183,600

Stabilized Value - $1,900,000

Projected 2025 Income - $190,800

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