Purchase Price: $1,500,000

Purchase was made in August May 2004 for $1,500,000. GRM was 9.8, with gross rental income totaling approximately $147,000 annually. Plumbing and electrical had just been updated in the building.

New Plumbing & Electrical

Since purchase, buyers have invested $25,000 into remodeling and updating eight of the units by upgrading kitchens and bathrooms.

Mid-­‐City 21 Unit Building Fifteen 0BD/1B & Six 1BD/1BA

As of 2011, the investors make $157,000 in annual net operating income (NOI) and valuation of the building has increased by 40 percent to approximately $2.1 million.

40% Increase in Value