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Rock Street Apartments

24-Unit Apartment Building

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The Rock Street Apartment building was built in 1920. I love the classic brick look and balcony. There are 18 1 bedrooms and 6 studios.

15-Unit Storage Garage

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in truth, I had never imagined owning a storage building. However, maintenance costs are low and most people who rent the garages are long-term renters.

3 Bed / 2 Bath Rental House

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Originally the manager's house. The home is clean and well-maintained and has an additional detached garage.

Financial Details

The apartment building, storage garage, single family home and parking lot (24 spaces, not shown) were listed on the MLS for $1.325 million. I was able to negotiate the purchase price down to $1.14 million.

Original Rental Rates

I recognized this as a value-add deal. Studios went for $425/mo. and the 1-bedrooms went for $525/mo. Storage garages were $50/mo. There was no rent coming in from the house since the manager stayed there in lieu of rent.

Increased Value

Studios are now $525 and 1 beds $625. The house is $1000/mo. Garages are $100/mo. NOI went from 92K/yr. to 120K/yr., increasing the property value from $1.14 to 1.4 million. Estimated cash on cash return should be 15%.

There are more deals like this out there!

I would love to help you look for deals similar to this one. I'll help you analyze the financials to make sure that everything is accounted for. We'll take a look at expected rents, in order to determine your Net Operating Income (NOI). Finally, I'll use my negotiating skills in order to help you get the best deal.

Contact me to find out more

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