Federal Hill Multi-family

[Ryan Seay]

Investment Info:

Small multi-family (2-4 units) other investment in Providence.

Purchase price: $352,000
Cash invested: $15,000

A mixed-use building in the heart of Federal Hill -- purchased with one commercial tenant of 15+ years, and two residential tenants. Converted a 2/1 unit into a short-term rental due to a high-tourism area, owner-occupying one, and building out the top floor into a fourth unit.

With owner-occupancy, the cash flow is still positive over expenses, but we're still considering various exit strategies down the line. For now, we're holding and adding equity where it seems proper.