Created date: July 4, 2023
Date last updated: December 1, 2023
- Median Household Income $79,643 in 1 mile radius
- Traffic count of 36,000 cars per day
- Room to boost rents to market
- Current rents as percentage of AMI is only 9.6% now
Quaker Terrace is a two-story, 34 unit property with brick construction and a recently replaced roof. The unit mix is 16 one bedroom units and 18 two bedroom units. The median household income in the 1 mile radius of the property is right under $80,000, plenty to support boosting rents. The current rents are on average $140 below the rent comps so there's significant room to improve the property, boost NOI, and raise the value of the property. The financial modeling includes investing $3,500 per unit for the 19 units that aren't updated yet and boosting the rents to market.