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Theo Hicks's profile image
  • Rental Property Investor
  • from Tampa, FL
  • Member since Mar 8, 2015

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Theo Hicks's profile image
  • Rental Property Investor
  • from Tampa, FL
  • Member since Mar 8, 2015
Theo Hicks
  • Rental Property Investor
  • Tampa, FL
964
Votes |
1,113
Posts

Value add opportunities for apartments buildings: List of Ideas?

Theo Hicks
  • Rental Property Investor
  • Tampa, FL
Posted Mar 7 2017, 05:39

Hi! I am compiling a list of all the potential value-add opportunities for multifamily rehabs and renovations with the goal of increasing rents. Here is what I have so far: 

  • Add wash and dryer units
  • Stainless steel appliances
  • Update light fixtures
  • New hardware for bathroom (cabinet, sink, shower)
  • New hardware for kitchen (cabinets, sink)
  • Build a fence around ground floor patio 
  • Build carports
  • RUBs program
  • Charge for garbage pick-up
  • Amenities based on demographic (soccer field, BBQ pit, etc.)
  • Adding an extra room

For other multifamily investors out there, what are some ways you've added value to an apartment to raise rents?

Erik Schilling's profile image
  • Investor
  • from Cincinnati, Ohio
  • Member since Apr 16, 2015

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Erik Schilling's profile image
  • Investor
  • from Cincinnati, Ohio
  • Member since Apr 16, 2015
Erik Schilling
  • Investor
  • Cincinnati, OH
6
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21
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Erik Schilling
  • Investor
  • Cincinnati, OH
Replied Mar 7 2017, 05:46

Hi Theo,

I use the Nest smoke / CO2 detectors. I have these devices on Wifi so I can monitor the status remotely. This allows me to offer "free wifi" to my tenants as well. For people that stream tv on their computer / device, this was a popular feature to the property.

Michael Le's profile image
  • Developer
  • from Houston, TX
  • Member since Aug 18, 2015

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Michael Le's profile image
  • Developer
  • from Houston, TX
  • Member since Aug 18, 2015
Michael Le
  • Developer
  • Houston, TX
1,358
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1,635
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Michael Le
  • Developer
  • Houston, TX
Replied Mar 7 2017, 07:36
  • Assigned/Carport parking
  • Pet fees
  • Pet rent
  • Pest control fee
  • Dog park
  • Storage units
  • View/location premiums
  • Automated package storage/Amazon lockers
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Samantha Magina's profile image
  • Real Estate Agent
  • from Westford, MA
  • Member since Sep 21, 2016

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Samantha Magina's profile image
  • Real Estate Agent
  • from Westford, MA
  • Member since Sep 21, 2016
Samantha Magina
  • Real Estate Agent
  • Westford, MA
52
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92
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Samantha Magina
  • Real Estate Agent
  • Westford, MA
Replied Mar 7 2017, 07:43

Amazon lockers, on your property? Is this for large properties only or could a 4 family do this? What an innovative idea.

Michael Le's profile image
  • Developer
  • from Houston, TX
  • Member since Aug 18, 2015

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Michael Le's profile image
  • Developer
  • from Houston, TX
  • Member since Aug 18, 2015
Michael Le
  • Developer
  • Houston, TX
1,358
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1,635
Posts
Michael Le
  • Developer
  • Houston, TX
Replied Mar 7 2017, 08:25

Hi Sam,

This would be for larger properties and class A/B. The cost would be prohibitive for smaller properties. I think it's like $20-40k depending on the size.

Mindy Jensen's profile image

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Mindy Jensen's profile image
Mindy Jensen
  • BiggerPockets Money Podcast Host
  • Longmont, CO
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Mindy Jensen
  • BiggerPockets Money Podcast Host
  • Longmont, CO
Replied Mar 8 2017, 11:18

@Theo Hicks , I just read a great post in the Member Blog section. 28 Ideas to Increase Apartment Revenue .

David Thompson's profile image
David Thompson
Pro Member
  • Investor
  • from Austin, TX
  • Member since Nov 26, 2013

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David Thompson's profile image
David Thompson
Pro Member
  • Investor
  • from Austin, TX
  • Member since Nov 26, 2013
David Thompson
Pro Member
  • Investor
  • Austin, TX
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David Thompson
Pro Member
  • Investor
  • Austin, TX
Replied Mar 8 2017, 15:10

Theo,

My man, nice seeing you at Joe's Best Ever Conference in Denver last week where I also got to meet Mindy Jensen at the BP party.  Funny this came up...thanks Mindy, yes, just posted that article above you mentioned.  I'm posting the expense side week from Friday so wait for that.  That list will be even longer.  Of course, these are ideas and not all inclusive by any means.