8 Unit Apartment Building Weigh In!

[George Gray]

8- 2/1 units around 650SF each. 4 Up/4Down

5600 SF total Brick veneer 3 sides, stucco front.
Off street parking front and rear with access from 2 public roadways.

5/12 3 tab roof needs replacing including some decking. Soffitts, fascia, and gutters need to be converted to vinyl and aluminum with rot repair on structure.

Plumbing and electrical have not been completely trashed. Hvac systems will need to be replaced and converted from gas to all electric. Electrical will need some updating.

12K per unit is estimated for the the rehab which includes HVAC and electrical upgrades. Estimated rents $550-$600 per unit.

C class property not in a war zone, but in an area that has long term potential because of private and public investment. Lots of competition from other C-D properties.

What would you offer? What would you do to maximize the value of the property and make it more attractive than the other C-D propeties in the area? Exit strategies other than hold?