Jan 2021 – Jan 2023
At Acquisition — 2020
Cabinets and vanities were newer and generally in good shape. Units needed interior and exterior paint, water heaters, mold remediation, toilets, new flooring, and rusted hinges, appliances, and lighting replaced due to high humidity in apartments.
Renovations Complete — Year 1
Installed new water heaters and toilets. Replaced window air conditioners with high-efficiency mini-split units. Cleaned ducting to improve ventilation.
Repainted the entire property inside and out. Added windows above kitchen sinks for natural light. Installed over-the-range vented microwaves. Replaced rusted items and updated bathroom fans.
Remediated mold throughout units. Installed humidity-sensing fan switches to mitigate future mold. Added smart water meters in each unit to track usage and enable multifamily utility billing.
End of Year Two
| Date | Valuation | Price/Unit | NOI | Avg Gross Rents/Mo |
|---|---|---|---|---|
| Jan-21 (Purchase) | $500,000 | $45,455 | $53,368 | $622 |
| Jan-22 | $1,077,969 | $97,997 | $70,069 | $869 |
| Jan-23 (Sale) | $1,272,480 | $115,680 | $82,711 | $964 |
2022 — Disposition
The Umatilla 11 unit was acquired, renovated, stabilized, and sold within two years — delivering a 23.9% average annual return to investors.
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