This 32-unit apartment building was purchased for $3.5M with an average rent of approx. $650 per unit. We offered the existing tenants an upgrade package including in-suite laundry, new doors and windows and signed 27 new leases, which allowed us to increase rents to an average of $950. At completion of this phase of the project, we embarked on phase 2, where we fully renovated the units.  Upon completion, we stabilized the building at an average rent of $1225/mo. Today, new tenants rent units at $1,450 per unit, providing a present market value of $8.3M. 

100%

FUNDED: 100%

STATUS: Completed

Purchase
$4.60M

After Repair Value
$6.46M

Net Gain
$811K

Property type: Multi-family

Building type: 4 Story Walk-up

Number of Units: 32

Investment Type: 

Projected Annual Return: 15%

Total Equity Required: $1.3M

Minimum Investment: $150,000

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