Value Add Multi-Family Cleveland, Ohio - Success Story

[Steven Gesis]

Investment Info:

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

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

Contributors:
Matthew Fritz

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?

Right outside of Urban Core - It was something no one else wanted to tackle

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

On-Market Deal

How did you finance this deal?

Conventional Bank Lending (Local Bank)

How did you add value to the deal?

We completely renovated the interior of the property inside and out

We added some modernized signage, we did something unique and painted a giant mural on the building highlighting its proximity to all major venues around town.

We added a dog park. We repaved the drive and parking lot. Cleaned up the exterior, painted the perimeter fence, installed EV, Installed NEW LED Lighting, New HD Security Cameras.

Modernized interior common areas and all the interiors of units with quartz, tile, more.

What was the outcome?

We have an unbelievable response for applications and it has been a huge success

Lessons learned? Challenges?

This building was old........ the lesson learned was budget, budget, and budget..... construction overruns are always a lesson learned, but here it was a challenge due to the age of the building, but we pulled it off.