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.

100%

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

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