UMATILLA 11 UNIT
JAN 2021 - JAN 2023
• 10 – 2bed/1bath, 1 – 1bed/1bath
• 13 years old
• Rents were about $500 below market rent
• Significant deferred maintenance
Umatilla apartments before renovations
More of the Umatilla 11 apartments before renovations - exterior
Umatilla apartments before renovations
2020
INITIAL CONDITION
Cabinets and vanities were newer and generally in good shape. Units needed interior and exterior paint, water heaters, mold remediation, toilets, new flooring, and rusted hinges, appliances, and lighting replaced due to high humidity in apartments.
RENOVATIONS COMPLETE
IN YEAR 1
We installed new water heaters and toilets, repainted the property, and replaced window air conditioners with high-efficiency mini-split units. We added windows above kitchen sinks for natural light, installed over-the-range vented microwaves, and remediated mold. We replaced rusted items, updated bathroom fans, and cleaned the ducting to improve ventilation. Additionally, we installed humidity-sensing fan switches to mitigate mold, and smart water meters in each unit to track usage and enable multifamily utility billing.
Livened up the exterior at Umatilla 11
Interior of all the units has been refreshed and updated
Livened up the exterior at Umatilla 11
END OF YEAR TWO
Capital Injected
​
Average Cash on Cash Return
​
Average Annual Return
$125,850
​
14%
​
23.9%
Valuation
Price/Unit
NOI
Avg Gross Rents/Month
Jan-21
​​​
$500,000
$45,455
$53,368
$622
Jan-22​​
​
$1,077,969
$97,997
$70,069
$869
Jan-23
​​
$1,272,480
$115,680
$82,711
$964