Brewerytown Multi w/ Garage

[Dan Powers]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $180,000
Cash invested: $225,000

This was a very rare opportunity to build a triplex while also having a curb cut for off street parking. With the lot having 30 ft. of frontage this is going to be a super unique house when all said and done.

What made you interested in investing in this type of deal?

What made my investor interested in this deal was the opportunity to build a multi in the heart of Brewerytown. This property was very unique as it came with an attached garage & curb cut which will increase value tremendously. With comps for triplex's in the area easily hitting 800k+ this was a no brainer for my investor.

How did you find this deal and how did you negotiate it?

This deal was sourced through New Western Acquisitions and was sold on a first come first serve basis.

How did you finance this deal?

This deal was purchased with cash.

How did you add value to the deal?

Value is being added to this property by tearing down the existing structure and rebuilding a brand new 2500+ sqft (including basement) triplex with a garage and square footage above the garage structure, and yard behind the garage.

What was the outcome?

While this project is extremely time and money intensive its going to be a cash flowing machine and once refinanced out, my investor will have pulled all their money out and this will fund their portfolio growth for the future.

Lessons learned? Challenges?

Honestly the biggest challenge was deciding what to do with the lot square footage. My investor had so many ideas of what he could do with all the space from multiple garages, to adding a 4th unit, he was very excited to take on this project.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Dan Powers - New Western Acquisitions