- Current Rents Significantly Below Market
- Huge Upside Opportunity Of $345+ Per Unit (Monthly)
- 30% Of Units Already Renovated | Proven Premiums Of $150+ Per Unit
- Well-Maintained W/Extensive Capital Improvements Completed
- Ultra-Low Operating Expenses | Water Paid Direct By Tenants
- Additional Upside Opportunity W/Washer And Dryer Rental Program
- Flexible Space For Additional Units Or Amenities
- Strategic Opportunity For Operational Upside
- Offered Free And Clear Of Existing Debt
CURRENT RENTS SIGNIFICANTLY BELOW MARKET | UPSIDE OF $312+/UNIT (MONTHLY)
The Heights has an extremely low average rent of $763 per month which provides the incredible opportunity to upgrade 100% of the unit interiors and receive rent upside of $312+ per unit (monthly) with moderate interior renovations. Further, there are still 60 units rented at or below $725 and 34% of tenants have lived at the property for over four years, so the rent potential here is HUGE!
Currently, 30% of the units have already received solid interior upgrades but those can be elevated with an additional round of upgrades for additional upside proven in the submarket. With upgraded unit interiors, new ownership can significantly push annual rental income $497,480!
Suggested renovations include the following:
- 92 Units (Vintage/Original): Update flooring to vinyl, upgrade kitchen to include solid surface countertops, stainless steel appliances, install new lighting packages, and modernize bathrooms
- 41 Units (Renovated): Upgrade kitchen to include solid surface countertops and stainless-steel appliances
30% OF UNITS ALREADY RENOVATED | PROVEN PREMIUMS OF $120+/UNIT (MONTHLY)
Since early 2021, current ownership has renovated units as they turn, and continues to do so. Currently, there are 41 units that have already been renovated with new black appliances, cabinets, LVT flooring, countertops, hardware, vanities, tub resurfacing, and plumbing! On average, these units are achieving $120 above the rental rates for the non-renovated units. The current market rent for these upgraded units of $925 is still considered among the lowest in the submarket!
INCREDIBLY WELL MAINTAINED | SIGNIFICANT CAPITAL IMPROVEMENTS COMPLETED
In the last two years alone, current ownership has spent $725K+ upgrading the property including, but not limited to: renovation of 41 units (roughly $8,500 each), additional amenity package, complete re-sealing, and re-striping the parking lot, exterior paint, new signage, solar screens, and landscaping. The additional amenity package includes a brand-new playground, bark park, and new grill stations for outdoor barbecuing.