PASCO 9 UNIT
JAN 2020 - OCT 2022
• 4–2bed/1bath, 4–1bed/1bath, 1-3bed/1bath
• 1950’s Vintage
• Rents were about $400 below market rents
• Very significant deferred maintenance
Shoshone bathroom before
Lots of mold in the bathrooms and bedrooms
Even more mold
Shoshone bathroom before
2019
INITIAL CONDITION
Units needed all new water supply lines and some drainpipes, interior and exterior paint, water heaters, mold remediation, toilets, new flooring, baseboard, trim, doors, heating & cooling. Full Remodel.
RENOVATIONS COMPLETE
IN 18 MONTHS
We converted the old boiler room into four new bedrooms, increasing rent by $600/month. Upgrades included new water heaters, toilets, paint, bath fans, and bathroom vanities. Each unit received a laundry room and high-efficiency minisplit heating/cooling units. We also remediated mold, installed humidity-sensing fans, and added smart water meters to track usage and enable billing.
New paint and doors at the 9 unit multifamily in Pasco
9 unit shoshone interior kitchen has been updated
New paint and doors at the 9 unit multifamily in Pasco
END OF YEAR THREE
Capital Injected
​
Average Cash on Cash Return
​
Average Annual Return
$323,000
​
4.3%*
​
25.6%
*Average cash on cash return is low due to
high vacancy in year 1 during COVID. Stabilized
year 3 cash on cash was 7% and climbing.
Valuation
Price/Unit
NOI
Avg Gross Rents/Month
Jan-21**
​​​
$132,834
$14,759
$7,359*
$575
Jan-22​​
​
$875,993
$97,333
$48,530
$922
Oct-22**
​​
$1,115,000
$123,889
$61,803
$945
*Low NOI due to very high vacancy at purchase and through the initial year of renovations during the first year of COVID
**Annualized
2023
DISPOSITION
Sold for $1,115,000
