13 unit apartment building, with 8 two bedroom units and 5 three bedroom units.
Our FIRST apartment building! The Parkview was designed by Oscar Beauchemin and is a testement to the beautiful work force housing of Holyoke's great influence. When we acquired the project, a distressed and out of state landlord had multiple vacancies and code issues. Many units had no heat or inadequate heating sources, board of health violations, virtually no property management, and all occupied units under market rent. Repairs included new windows throughout, new common area doors, new common area flooring, painting, and lighting, new HVAC in all units, roofing repairs, kitchen and bathroom updates, hardwood floor refinishing in all units, new hot water heaters, electrical and lighting updates, paint , and extensive structural repairs to the rear decking.
This building was listed on the MLS. We reached out to every single listing agent on LoopNet and found our way to Holyoke in the summer of 2019. While it would take a few more months before we found our first project, that initial visit opened our eyes to the amount of opportunity available.
“Business opportunities are like buses, there’s always another one coming.”
Richard Branson
Next Stages of Development:
Property Type - Multi Family
Total Units - 13
Unit Mix - 8 two bedroom units, 5 three bedroom units
Purchase Price - $365,000
Renovation Expense - $478,000
Current Annual Rent - $180,600
Projected 2025 Rent after further increases and improvements - $214,800
Stabilized Value - $1,660,000
Loan Term - 5 years
