- Well-Maintained Class B+ Asset Primed For Value-Add Implementation
- Opportunity To Unlock $674,534+ In Additional Revenue W/Enhancements
- Significant $3.2m In Capital Infusion Over The Last 5 Years
- Proven Upside From Converting Retail Space Into Additional Units
- Offered Free And Clear Of Existing Debt
Significant Capital Infusion Completed by Current Ownership
Built in 2009, the asset is incredibly well maintained, as evidenced by current ownership’s investment of over $3.2M in the last five years alone. Significant Capital Expenditures include:
- Retail Conversion Project ($125K/Unit)
- Roof Maintenance / Repairs
- Exterior Walkway Additions
- Exterior Paint Maintenance
- Interior Office Renovations
- Parking Lot Improvements
- Unit Balcony Updates
- Signage Upgrades
- Pool Renovations
- Exterior Lighting
- HVAC Repairs
Huge Opportunity to Strategically Push Premiums $220+ Per Unit (Monthly)
With strategic enhancements via renovations to the interior finish package, new ownership has the significant opportunity to push premiums over $220 per unit across the board. Completion of moderate upgrades including new cabinetry, vinyl plank flooring, and light fixtures enable the ability to push annual rental income by $674,534 in the first year alone!
Proven Ability to Add Additional Units by Converting Retail Space
Current ownership spent $2M converting roughly 13,000 square feet of retail space into 16 units boasting ultra-high-end upgrades back in 2020. Now, these units are achieving HUGE premiums of $81-$177 higher than those units that are similar in size at the property. Those conversions included brand new cabinets, custom granite countertops, vinyl plank floors and 12+ foot ceilings.
There’s currently around 20,991 square feet of vacant retail space that can be immediately converted into additional 20 to 40 units, especially given the fact that 20,991 square feet of the retail space is already vacant, and the remaining leases are slated to end between late 2022 and early 2024.
