This 20-unit apartment building comprised of 1- and 2-bedroom units was averaging monthly rents of $699 per unit. We acquired the property for 2.79M and embarked on planned renovations. Changes in RTB legislation forced a pivot in strategy where we developed a tenant improvement program where residents were offered unit upgrades in exchange for increased rents. Top Down Investments acquired, renovated, and stabilized the asset bringing the average rent up to $1,313 per unit. The refinanced and stabilized building now produces a healthy income and a new value total value of $6.6M.
FUNDED: 100%
STATUS: Completed
Purchase
$2.79M
After Repair Value
$5.29M
Net Gain
$1.52M
Property type: Multi-family
Building type: 3 Story Walk-up
Number of Units: 20
Investment Type:
Projected Annual Return: 2%
Total Equity Required: $1M
Minimum Investment: $200,000
Property Overview
PROPERTY PHOTOS
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