- PROVEN UPGRADE PREMIUMS OF $100/UNIT WITH INTERIOR ENHANCEMENTS
- $175,000+ OF ADDITIONAL INCOME VIA UNIT INTERIOR MODERNIZATIONS
- WELL-POSITIONED ASSET READY FOR CONTINUED VALUE-ADD IMPLEMENTATION
- $35,000+ IN ADDITIONAL UTILITY BILLBACK UPSIDE
- ATTRACTIVE UNIT MIX OFFERING LARGE TOWNHOMES AND TRADITIONAL APARTMENT FLATS
- CONVENIENT TOPEKA LOCATION
- SUPPLY CONSTRAINED MARKET
- STRONG LOCAL DEMAND DRIVERS
- OFFERED FREE AND CLEAR OF ANY EXISTING DEBT
PROVEN UPGRADE PREMIUMS OF $100/UNIT WITH INTERIOR ENHANCEMENTS
The property demonstrates a proven business model for the upgrade package that can be continued property-wide. Huntly Ridge Club offers 149 truly vintage unit interiors (78%) that are primed for modernization. Cosmetic upgrades to the kitchen cabinets, adding wood-look flooring, upgrading countertops, new appliances, an updated lighting package as well as upgraded bathrooms will allow a new buyer to push annual rental income by more than $175,000 on these newly renovated units!
$175,000+ OF ADDITIONAL INCOME VIA UNIT INTERIOR MODERNIZATIONS
Huntley Ridge provides the ability for new ownership to realize significant rent premiums through the continuation of a PROVEN and well-received value-add renovation program with $100 rent increases consistently achieved. 22% of units (42/191) have been renovated, and as a result, have achieved $100 rent premiums over classic unit asking rents. By moving the remaining 149 classic unit rents to the upgraded rent, $179,413 in additional rent revenue can be achieved.
