Historical Overview:

This sixteen unit property abuts our twelve unit project and is in substantially good shape compared to other acquisitions.. We purchased this property from another motivated seller who was experiencing challenges with the neighborhood. More than anything, this property needed consistent management and security. Door access control, intelligent A.i security systems and unit turnovers will wrap up by March, 2024. We've removed the trouble from the building and will achieve 100% occupancy by May.

Next Stages of Developments

• Door access control and A.i security cameras
• Complete eight unit turnovers currently in progress

Financials: 

Property Type - Multi Family

Total Units - 16

Unit Mix - 8 one bedroom units, 8 studio units

Purchase Price - $650,000

Renovation Budget - $220,000

Stabilized Annual Rent after improvements - $192,000

Stabilized Value - $1,800,000

Projected Stabilization - Summer 2024

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