162 Chapin. Multifamily investment

[Brock Cvijanovich]

Investment Info:

Large multi-family (5+ units) fix & flip investment.

Purchase price: $590,000
Cash invested: $180,000
Sale price: $1,350,000

At purchase the asset had 3 of 20 tenants paying rent for a total of $2,070. Tenants were bought out due to COVID eviction moratorium, asset then received cosmetic renovations and was leased up to a rent roll of over $16,000 before being sold for $1,350,000.

How did you finance this deal?

Bank assumption

How did you add value to the deal?

Remove, renovate, re-tenant.

What was the outcome?

Over $500,000 in gains on a $200,000 initial investment.