Best way to raise rents on a newly acquired property?

[Michael Doherty]

Hi all,

Looking for ideas/suggestions on the best way to raise rents on a property my partner and I are acquiring. For perspective, this is a 7 unit Mixed use building, where every residential unit (6) is below market rent. 

Current rent per residential unit= $750

Market Rent per residential unit= $1200

Going from $750 to $1200 is obviously a bit of a jump, our goal is to get them up to at least $1000. All units are turn key and updated, nothing cosmetically to do or change to justify the jump in rent. We have a 2 year timeframe to raise rents to do a successful cash out refinance. 

Appreciate all ideas/suggestions, thank you!