Umatilla 11 Unit
Jan 2021 – Jan 2023
Past results do not predict future performance.
At Acquisition · 2021
Initial Condition
- 10 – 2bed/1bath, 1 – 1bed/1bath
- 13 years old at acquisition
- Rents were approximately $500 below market rent
- Significant deferred maintenance throughout
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
What We Did
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.
Rehabilitation
Before & After Rehab
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Before
After
End of Year Two
Investment Results
Past results do not predict future performance.
| 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 |
2023 · Disposition
Sold for $1,272,480
The Umatilla 11 unit was acquired, renovated, stabilized, and sold within two years, delivering a 23.9% average annual return to investors. Past results do not predict future performance.
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