Friday, December 31, 2010

The post-rehab photos! What a difference a day makes.

[PLEASE NOTE: This property is no longer for sale and I have refinanced it on excellent terms. However, I have kept this post for all to see. Some people enjoy looking at this stuff. I prefer reading books, watching Dexter, and I even enjoy Flipping Out. That guy Jeff is almost as neurotic as I am!]

This 10-unit property, which is now 100% occupied, is now available for sale at $450,000. The property boasts a bit over 7000 square feet, a nice mix of studios, 1 bedrooms, 2 bedrooms, and 3 bedroom apartments, and has an annual rent roll just slightly under $70,000. Further increases are possible, as three of the present tenants are legacy tenants(they came with the building), and as such they are paying dramatically below market rents.
It is located on 5th avenue near RPI, just a little north of Federal St(and south of Jacob St.)
Another possibility, equally palatable to the owner, would be to accept mortgage financing from a bank or private entity. The owner would accept a first-lien loan in the amount of anywhere from $175k to $250k, at 8% interest-only, with a balloon at the end of four or five years. Alternatively, the owner would accept an amortizing loan with a longer term. 
If you're interested in either of the above scenarios, please comment on this blog and leave your name, email, and number. The comments are not public, so nobody will see them but the owner of this building.

A day didn't make much difference. But three months and about $100k did.
Not that you'd recognize it- but the above photo comes from the apartment that was swimming in junk.
As do the next few shots:


This is from townhouse 1:


Back to townhouse 2:






This shows a decorative fireplace/mantle with some artwork that was painted onto some sort of fabric.




Have you lost count of the decorative fireplaces yet? I have!

Click below to go to the pre-rehab photos! Watch out- they're scary!