$200+/Unit In Value-Add Upside – $198,000+- With Interior Modernizations 
Since owning in 2017, current ownership has applied a conservative strategy focused on retaining tenants, maintaining strong collections, and addressing Cap Ex needs, in lieu of pushing net operating income. More significant repairs/improvements completed include filling in the courtyard pool, replacing roughly 30% of windows and sliders, and replacing approximately 50% of sewer lines with PVC. In March 2020, the owners repaved the parking lot, and in June 2021 all roofs were replaced.. The property is now positioned for interior updates to bring all units to market rent and to institute a utility bill back program to dramatically increase gross revenues.

Operation Upside Through 3rd Party Management
Maintenance costs on Gladstone Oaks are higher than market averages due to owners placing a priority on quality tenants and strong rent collections without improvements to interior units necessary. Owners relied completely on 3rd party vendors for all maintenance vs in-house maintenance teams, and thus increasing operational expenses. Streamlining operations through property managers with in-house maintenance would improve the bottom line.  

Opportunity to Add 6 Garden Level Units to Maximize Income 
Gladstone Oaks was originally built in 1967 with all 2BR units (regarding the primary 4 apartment buildings). Over the years, previous owners split garden level 2 bedrooms to add storage/utility closets, and common laundry rooms. New ownership could retrofit these common rooms into Studios to utilize all living space to rental units and maximize property income.