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 $7.4M.
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
Property Overview
PROPERTY PHOTOS
![Victoria Road - Edited](https://topdowninvestments.com/wp-content/uploads/2022/02/Victoria-Road-Edited-scaled.jpg)
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![AD PHOTO 9](https://topdowninvestments.com/wp-content/uploads/2022/02/AD-PHOTO-9.jpg)
![Before](https://topdowninvestments.com/wp-content/uploads/2022/02/Before-scaled.jpg)