13 unit apartment building with 6 one bedroom units, 6 studio units, 1 commercial unit
This property is 100% vacant. It was acquired from a seller that had been renovating the property but had not been able to complete the scope of work. Completed updates include new electrical sub panels, rough plumbing, new windows throughout, and plenty of new sheetrock. Our renovation plans for the residential units include; new LVP flooring throughout, painting, cabinets, bathroom fixtures, doors and trim, a coin operated laundry room, and baseboard heat. The commercial unit at this property is also a fantastic event space and is in reasonably good shape. We recently won a grant through a local non-profit to build out a boutique music venue and private event space at this location, dubbed The Golden Bohemian. The unit will undergo renovations to modernize the space including state of the art lighting and sound equipment, plus video production equipment with the aim to bring life and culture back to this area of downtown Holyoke. Renovations are set to begin in March/April once the Maple St portfolio is stabilized.
Property Type - Multi Family / Mixed Use
Total Units - 13
Unit Mix - 6 one bedroom units, 6 studio units, 1 commercial unit
Purchase Price - $275,000
Renovation Budget - $615,000
Stabilized Annual Rent after improvements - $192,000
Stabilized Value - $1,900,000
Projected Stabilization - Winter 2025
