Adding value to a distressed multi-unit

[Brian Ma]

Hey guys/gals,

I’m looking for additional ideas for “value add items” for apartment complexes please. (Basically items where one can add value to the complex which are currently not being done at the complex).

Here is what I have so far:

- property updates / repairs

- fast, friendly customer service and management

- modernizing through tech (online payments, CC payments, (thanks Jake and Gino for the tip)

- asking tenants what they would like to see more of (perhaps any current multiunit owners can send a mailer to their current tenants asking how they would like the see the property improved!) =)

- increased parking

- shaded parking

- landscaping and upkeep of landscaping

Any others?

Cheers!

PS: My partner and I are looking for more brokers, rehabbers, private money investors, mortgage brokers who specialize in multifamily units in Southern California. Please connect me with on BP. Thanks!

[Jered Sturm]

The list is endless if it adds enough value that the residents want to pay for it to boost your ancillary income, or boosts your NOI in any way you add value.

Just a few:

- Laundry 

• Coin laundry
• Detergent/laundry essentials in vending machine in common area laundry rooms. 
• Rent indivual W/D to each unit

-Parking 

• Garage parking
• Covered parking
• prime spot parking
• Just plain old charge for parking

-Renovations 

• Interior units upgrades 
• Common area renovation
• Exterior upgrades for curb appeal

-Vending machines

• In common areas such as exercise room, pool house, laundry or leasing office

-Trash pick up service

• In high end buildings they have a service where you can set trash outside your door and for a fee maintenance will go around each night and collect it so the resident doesn't  have to carry it to the dumpster. 

-Pet rent

• Depending on your building you can add income by allowing pets and charging for them. 

-Storage units

• Small closet size or even garages. 

-Sub metering of utilities or RUBS

-Renegotiating  all operating expenses

Survey your residents and ask "What would make your living experience better here at _______" This will open the door for ideas and they use your creative to build on those suggestion and figure out how to solve a these problems your residents have.