Third Ward Vacancy and Cap Rates

13 Replies

Is anyone familiar with the vacancy and cap rates for the third ward area, specifically for 5-10 units?

Thanks!

Daniel

Daniel J.

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    This post has been removed.

    @Kevin Riles Ok, thanks! I am running numbers for a refinance of a 6 plex after renovation in 6-8 months.

    Daniel J.

      We ran our numbers on 10% vacancy.  However, after remodeling, we rented out all 4 units in August in less than 2 weeks.

      We did luxury vinyl, quartz countertops, a modern style full upgrade.

      @Sarah Kline If you don’t mind me asking what rents are y’all getting and is it college students or others?

      Daniel J.

        That would depend on initial condition, but to add HVAC, upgrade all finishes, redo plumbing, electrical, paint exterior and interior, exterior upgrades and landscaping - ended up being at least $25k per unit.  This did not include appliances or the driveway.

        @Sarah Kline Was the overall condition good, or did y'all have to replace facia, bug damage etc? The one I looked at was quite the sight lol.

        Daniel J.

          Ours is in 3rd ward.   The bones of the structure and brick exterior were in great condition.  The rest of it was pretty bad.  We didn't have roof work or foundation or structural damage.

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