Some impressive numbersTuesday, June 14th, 2016
In December 2015, we started managing 33 apartment units for a new client who had been a long-time client with another well known management firm in town. Suffice it to say, they had taken their “eye off the ball” on these properties. Rents were WAY below market and the properties hadn’t been well maintained.
Since December, we have helped get these properties in shape and the rents closer to market rates. We’ve added $8,300 of monthly income IN 6 MONTHS, equivelent to $100,000 of additional annual income and over $2.1M of additional value when using a Capitalization Rate of 4.5%.
We’re proud of all our work but this stands out. The owner now has all kinds of new options to consider including significantly more cash flow, refinancing and taking out considerably more income, etc.