We acquired this 21-unit apartment building in June 2018, with typical rents well below market value. The building was in poor condition and needed a substantial renovation. We pushed aggressively through the project, and it was completed ahead of schedule in March 2019. The building has been transformed form an eyesore to a very desirable property, with average rents now at $1460 per month, with a current value estimated at $6.2 M.
FUNDED: 100%
STATUS: Completed
Purchase
$3.10M
After Repair Value
$5.60M
Net Gain
$1.00M
Property type: Multi-family
Building type: 3 Story Walk-Up
Number of Units: 21
Investment Type:
Projected Annual Return: 15%
Total Equity Required: $1,150,552
Minimum Investment: $150,000