162 Chapin. Multifamily investment
Investment Info:
Large multi-family (5+ units) fix & flip investment.
Purchase price: $590,000
Cash invested: $180,000
Sale price: $1,350,000
At purchase the asset had 3 of 20 tenants paying rent for a total of $2,070. Tenants were bought out due to COVID eviction moratorium, asset then received cosmetic renovations and was leased up to a rent roll of over $16,000 before being sold for $1,350,000.
How did you finance this deal?
Bank assumption
How did you add value to the deal?
Remove, renovate, re-tenant.
What was the outcome?
Over $500,000 in gains on a $200,000 initial investment.
