The Gas Light Apartments - Kairys Properties
235
portfolio_page-template-default,single,single-portfolio_page,postid-235,ajax_fade,page_not_loaded,,qode-title-hidden,qode-theme-ver-11.0,qode-theme-bridge,wpb-js-composer js-comp-ver-5.1.1,vc_responsive

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%