The Gas Light Apartments - Kairys Properties
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The Gas Light Apartments

The Gas Light Apartments

Greensboro, NC

This 16 unit apartment building is located across the street from University Of North Carolina at Greensboro.

We purchased this building for under $50/ft and made significant improvements to include washer and dryers in each unit, updated kitchens and baths, new fixtures and site improvements.

The unit mix consists of 12 one bedroom and 4 two bedroom units. After renovations we doubled rental income and have a waiting list of mostly graduate students.

ACQUISITION
  • Acquisition Date 1/20/14
  • Acquisition Price $625,000
  • Total Square Feet 12,500
COSTS
  • Total Hard Costs $225,000
  • Total Soft/Entitlement Costs $35,000
  • ALL IN COSTS $885,000
STABILIZATION
  • Gross Monthly Rent $11,400
  • Annual Net Operating Income $95,760
  • Stabilized Cap Rate 10.8%