Value Add Multi-Family Cleveland, Ohio - Success Story

[Steven Gesis]

Investment Info:

Large multi-family (5+ units) commercial investment investment.

Purchase price: $850,000
Cash invested: $600,000

A success story for Multi-Family, repositioned the asset, modernized with new kitchens, bathrooms, flooring, paint and much more. Pet-friendly community right outside of the urban core.

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

Was seeking to begin to 10x portfolio

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

On-Market Deal - price was right and underwriting matched our criteria

How did you finance this deal?

Local Bank - they were an amazing partner for us

How did you add value to the deal?

We renovated all the apartments:
Kitchen: New Cabinets and Quartz Tops, Stainless Steel Appliances, New Tiled Bathrooms, New LVT Flooring, New Paint, New Fixtures and LED lighting, USB Outlets.
Added a dog park, EV Car Charging Station, Created a community space - much more

What was the outcome?

Demand soared, as this is right outside of the urban core with all the latest upgrades and best amenities.

Lessons learned? Challenges?

Old buildings are tough and budgets are even tougher - hard work is the ultimate requirement for best results. No easy path.