3rd Property 15-Unit St Paul

[Daniel Krueger]

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $1,100,000
Cash invested: $250,000

Acquired a 15-unit building in St Paul. Average rents in place for 2BR: $850-$900, 1BR: $750, Studio: $650.
Market will support 2BR Rent of $1200, 1BR $900, and $785-$800 for studios.

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

This deal requires a decent amount of unit rehab as well as getting 'trouble' tenants out.
We also have a large un-used space in the basement that can be leased out to a small business.
In addition to fixing up the units and adding a commercial tenant to the basement, we will be introducing a RUBS program.
Estimated value after rehab work is $1,500,000