Purchase was made in July 2010 for $823,000. GRM was 10.0, with gross rental income at approximately 82,000 per year. Half the units were significantly below market rents.
Updated Sewer & Water Line
Buyers have invested $30,000 into remodeling and updating all units. New wood floors, new bathroom tile, new toilets, new sinks and extensive landscaping and lighting was done throughout the building.
Mid-City 8 Unit Building
Five 2BD/1B & Three 1BD/1BA
As of 2011, the investors make $80,000 in annual net operating income (NOI) and valuation of the building has increased by 22 percent to approximately $1.0 million in just one year’s time.