Eight-unit apartment building purchased a year ago by the seller. The building was distressed with units in poor condition and rents significantly below market by about 30%. The seller has improved the building raising the rents from an average of $750 to an average of $1100. We also instituted a "no security deposit" program by using insurance bonds in lieu of deposits. These products allow the tenant the option to pay a small monthly insurance premium to the insurer in lieu of a lump-sum full security deposit payment at move-in. We instituted a "no security deposit" program by using insurance bonds in lieu of deposits. These products allow the tenant the option to pay an insurance premium to the insurer in lieu of a lump-sum full security deposit payment at move-in. In addition to increasing rental incomes, these products have enabled us to secure 3 months' rent for a security bond on recent rentals. The seller will hold a 1st or 2nd mortgage for up to 20% of purchase price.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
