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The Block
The Block is an apartment complex with 126 apartments located just minutes from the heart of downtown Charlotte featuring one two and three bedroom apartments.
This property was severely under market on rents when we acquired it. In addition it had severely differed maintenance. We replaced all the roofs, the asphalt, the siding, and painted all of the buildings. We took the rents from as low as $600 per unit, to over $1100 per unit. The property was held for several years, then sold for a large profit.
Key Points
TypeApartments
Detail126 apts
CoC Yield 35%
Return/year 194%
Equity Mltpl 4.76X
Resale $13.5M
Investment Summary
Initial equity$1,380,000
Purchase price$6,300,000
Debt$5,520,000
Renovations$600,000
Total cost$6,900,000
Resale price$13,500,000
Gross profit on resale$6,600,000
Number years held3
CoC yield35%
Equity multiple4.76X
Appreciation p/year159.42%
Return p/year194.42%
