Historical Overview:

This property was heavily distressed and  acquired from a motivated and out of state landlord. Construction efforts are wrapping up and this building will begin leasing in February, 2024. Renovations to the building include heating systems, a monitored fire alarm system, new kitchens, bathrooms, floors, electrical fixtures and door access control.

Next Stages of Development:

• Complete fire alarm
• Install door access control and security cameras.
• Lease up

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Financials: 

Property Type - Multi Family

Total Units - 12

Unit Mix - 12 three bedroom units

Purchase Price - $620,000

Renovation Budget - $277,000

Annual Rent after Stabilization - $216,000

Stabilized Value - $2,000,000

Projected Stabilization - Summer 2024

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