What a successful deal looks like

Just finished stabilizing a deal and thought you all would like to see some numbers.

Bought this large, non-rent control property in late 2015.

Renovated and re-tenanted it, with everything finishing up in the last week or so.

All in for about $3.6MM.

New rent roll is $369k (so, 9.8x GRM).

Looking like roughly a 7.8% unlevered yield.

Think it’s worth $5.2-5.5MM now.

Just beginning the refinance process, through which I think we’ll be able to pull out ~100% of the capital invested.

Then we’ll return the refinance proceeds to our investors and the partnership will collect cashflow from this building forever.

These deals are really hard to find, but when you do, the model really zings.