844 NE 69th St, Seattle, WA 98115

Highlights:

• Purchase Date: August 5, 2011
• Sale Date: March 26, 2015
• Exterior and interior renovation with fully upgraded interiors
• Increased unit count from 20 to 23 by converting three laundry rooms into micro-studios
• Doubled rents at the property through renovations and repositioning
• Recognized additional upside in excess parking lot land and developed Pladhus, a 30 unit apartment building.

Financials:

• Purchase Price: $2,100,000
• Capital Expenditures – Rehab: $976,066
• Capital Expenditures – Micro Build: $1,931,498
• Total Project Cost: $5,007,704
• Sale Price: $9,200,000
• Total Gross Profit: $4,192,296
• Total NOI: $479,260
• Exit Cap Rate: 9.57%