Lake County Value-Add 17 Unit Opportunity

Lake County Value-Add 17 Unit Opportunity

22 bed / 22 bath 10400 sq ft Built in 1963 Multi-family

Wow!  This 22-unit Leesburg apartment building was in deep despair.  At the time EquityPro acquired this property, only four units were tenant occupied and the remaining units were boarded up to prevent squatters.  Our investor purchased this property for $585,000.  He completed a full interior update on each unit, ensuring that all 22 units were complete with new kitchens, bathrooms, paint, flooring, fixtures, and new AC units.  He also updated the exterior of the building with new paint, windows, and doors.  This high-quality renovation proved successful as our investor was able to raise rent rates and get this building to 100% occupancy in a short period of time.  After 87 days on the market, this property is currently pending at $2,250,000.  Congratulations on an outstanding rehab and flip!

Financial details
Investor price $585,000
Rehab costs $500,000
Other expenses $75,000
Days on the market 87
Sold price $2,250,000
$1,090,000
Profit
93.97%
ROI