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Updated about 7 years ago,
How to add value to a 5-plex
Hi Guys, I'm currently working on a deal with a 5-plex building in the package. I will sell off the 5-plex once I have successfully closed on the overall package. (Basically to pay back my initial investors). I'm wondering how to quickly (<6 months) add to the sale value of the 5-plex. It's in pretty good condition and in a lovely B+ type neighborhood. So far I've thought about
Reviewing all the suppliers to reduce monthly costs
Reviewing leases to see where rents can be raised (a lot are currently below market)
Doing a facelift paint and landscape and rebranding
Adding in self-storage units
Dog park? Gym?
Units already have individual laundry, so that's not an option. I feel a pool would just be an expense and not add value. Vending machines probably need more units to be successful. Units are individually metered.
Does anyone have anything creative to suggest that I haven't thought of?