844 NE 69th St, Seattle, WA 98115

• Purchase Price (2011): $2,100,000
• Capital Expenditures – Rehab: $976,066
• Capital Expenditures – Micro Build: $1,931,498
• Total Project Cost: $5,007,704
• Sale Price (2015): $9,200,000
• Total Gross Profit: $4,192,296
• Total NOI: $479,260
• Exit Cap Rate: 9.57%

Completed a comprehensive interior and exterior renovation that increased the unit count from 20 to 23 through the conversion of underutilized space into micro-studios. The repositioning doubled rental income and unlocked additional value by developing Pladhus, a 30-unit micro studio apartment building on excess parking lot land.