A 12-unit, three-story multifamily property, built in the 1970s, featuring a mansard-style roof and brick façade. The property was under-managed prior to acquisition, with rents significantly below market and requiring structural improvements.
Acquired in June 2021 for $1,300,000, the initial focus was on rent optimization and asset repositioning. Through minor renovations and more effective leasing management, rents were increased from $800 to $1,300 per unit within the first year. Additional capital improvements, including brick repointing, roof replacement, and parking lot enhancements, positioned the property for long-term financial performance.
This investment demonstrated how operational adjustments and targeted capital improvements can rapidly enhance rental income and long-term property value. A phased approach to renovations ensured that occupancy remained high while repositioning the asset for sustained growth.
