Current owners have owned the property for two years, in which they have leased up and stabilized the asset, leaving a prospective buyer with considerable upside in net operating income from completing the current owners renovation schedule (bringing rents up to market rent) and normalizing expenses over the short term. Rents are steadily being increased as units turn over with no sign of market resistance even above $1100 for renovated units. Normalizing insurance, landscaping, snow removal, refuse removal, and utility expenses also present great opportunities to push Net Operating Income without capital intensive projects. Another consideration for capturing value is sub-metering for water/sewer at the subject property which is commonplace in the MSA among town home communities.
Listing courtesy of ROC Real Capital, LLC.
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