A Gut renovation Worth the Pain!

[Jorge P.]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Jersey City.

Purchase price: $790,000
Cash invested: $280,000
Sale price: $1,700,000

I purchase this property in a booming market (downtown Jersey city). The property was in livable condition but I had been las renovated 20 years ago.

I did a full gut renovation to this property (ripped down the studs, new plumbing , new electrical, new HVAC) & added a 20 x 20 extension on 3 floors. Adding an extra 1,100sf to the property (1 large kitchen, 2 new bedrooms, 1 large master bath & walk-in closet.)