My second property and first multifamily building. Owner had moved out of state, and started to let the property progress negatively. Overall the property was in a great location, but needed a lot of renovations. Significantly decreased the expenses by moving utilities to be paid by the tenants.
Renovations:
- Remodeled 2/5 units
- Split the electric to all units to be paid by the tenants (not ownership)
- Converted the gas heat to electric heat (paid by the tenants)
- Minor landscaping and lighting updates
- Added billboard for additional revenue
Hold duration: Long term hold 10+ years.
Purchase Details:
Price: $98,500
Occupancy: 75%
Monthly Revenue: $2,000
Current Financials:
Occupancy: 98+%
Monthly Revenue: $2,800
NOI: $15,200
Valuation at 9 cap rate: $169,000+
Equity generated: $70,000+
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Short Description:
Long term hold
Cash on Cash Return 10%
Equity Multiple - 1.7X - City, State: August 2020
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