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Updated over 4 years ago on . Most recent reply

User Stats

29
Posts
4
Votes
Kevin Danikowski
  • Rental Property Investor
  • Chicago (suburbs), IL
4
Votes |
29
Posts

How to improve Area from D+ to C-? 60+ Units to work with

Kevin Danikowski
  • Rental Property Investor
  • Chicago (suburbs), IL
Posted

I'm looking for methods to improve an area / entire street to create a higher end pocket (particularly in C- / D+ areas). 

I have a collection of 4 buildings (still negotiating 3) on a D+ street that I believe some reasonable aesthetic improvement could attract a C- crowd. Currently the buildings have higher end tenants already with a solid leasing team which lives on premises. Buildings are all fitted with Cameras and live-in staff who cleans the hallways and yard areas daily. Currently the biggest problem is a single convenient store in the multi-use building at the center of the area that brings in 90% of the riffraff (overall building conditions are good through-out the area). It was bought by a contact I have a couple days ago. The area used to be a C area in 2005 which was when the current owner purchased the building. My guess is that it went down because of poor neighboring areas.

Potential Improvements: 

1. Signage - I've read some bigger pockets stories where signage increased the value. There isn't substantial signage, but the buildings are only between 12-18 units and aren't "identical", but it's a thought. 

2. Brick Pillars at the entrance and exit of the area creating a "private area" feel.

3. Putting a large piece of art in the center roundabout which is currently grass and concrete.

4. Adding landscaping that improves the overall feel.

5. Adding black steel/aluminum fencing to provide a sense of privacy

6. Find a new business to replace the convenient store. 

Does anyone have additional ideas?

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