Moses Kagan on Real Estate

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We recently closed on a 5 unit property in Echo Park which we’re doing with a partner.

They put up the dough and we’re handling all the work of buying out the tenants, designing the renovation, doing the actual construction, and then leasing the newly-renovated units.

When all is said and done, our partners will be “legging into” (getting) the property at a bit under 9x the annual rent, which is a pretty amazing deal, given that you can’t find anything in the entire city that cheap, let alone in one of the hottest neighborhoods around.

It’s really hard to find projects that make sense these days, given how high prices have risen. So we’re super excited to have found this one.

Once all the tenants move out, I’ll share some “before” pictures so you all can see how things look before we work our magic.

Written by mjkagan

08/03/2012 at 4:45 am

Posted in Buying, Development

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