15 Units – Purchase Q3 2015 – SOLD – ROI: 28%
Sullivan Communities acquired 5 buildings, located in Newburgh, NY. All brick row houses consisting of 3 units per building.
Significantly distressed buildings all requiring rehab. All furnaces, exteriors and common area required maintenance. Analysis revealed maximum investor ROI required rehab of 6 units and to sell the asset within 1 year of renovations.
- Deferred maintenance
- Delinquent tenants & drug activity
- 50% non-operational units
- Addressed deferred maintenance
- Rehabilitated 6 units
- Engaged police and installed security
- Flipped 6-unit building for 100% ROI
- 100% operational units
- All rents at market