Newburgh, NY

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.

Initial Analysis:

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.

Issues pre-acquisition

  • Deferred maintenance
  • Delinquent tenants & drug activity
  • 50% non-operational units

Solutions implemented

  • Addressed deferred maintenance
  • Rehabilitated 6 units
  • Engaged police and installed security

Repositioning Results

  • Flipped 6-unit building for 100% ROI
  • 100% operational units
  • All rents at market