PROJECT SITE AND DESCRIPTION | After years of physical neglect and multiple lawsuits, 439 N. Ogden was a ideal project for revitalization. This 5,535 SF residential rental property consisted of 4 two bed/one bath units. The property sits on a 6,000 SF lot in the Melrose – Fairfax district in close proximity to the outdoor shopping center, The Grove. At the time of purchase two units were occupied and two units were vacant. The occupied units were renting for $1700-$1900 per month while similar units in the area rented for $2200 per month (www.rentometer.com) . After making an unsolicited offer, which was initially rebuffed, we returned for a second attempt which resulted in a consummation of a deal.
RESULTS | After extensive renovations involving tearing the building down to the studs, replacing all systems and re-configuring floor plans, the lower units have rented for $3,200 while the upper units have rented for $3,400. This is 50% higher than average rents in the area. Total gross annual income of $158,400 was achieved.