Your 4th & 7th street corner is on timeline! We had a 12 month stabilization period starting 15 April 2022 and are projected to meet that goal. The last apartment’s renovation will be complete this weekend and ready for rent next week. This duplex upon completion has a projected return on investment to be 33%. The consistent feedback we receive from prospective tenants is that people are craving clean, safe, affordable spaces with moderate amenities.
This project still shows large rent growth potential with the commercial lease. The space is leased until December 2023, but we are planning to bring rent in line with the current market in 2024. We are projecting a CoC (cash on cash) return for this project between 3-5% for 2023. With year 3, in 2024, forecast to have a projected CoC between 5-7%.
Take pride that your street corner investment has completely changed the feel of the entire neighborhood!
Finally, we will be sending out K1s to investors before the end of March. If filing as an individual, simply add this document to the rest of your tax return. Although definitely not tax professionals, Lauren and I are happy to assist in getting answers to any questions you may have.
