16-Unit Multifamily Investment in Wheeling, WV
Investment Info:
Large multi-family (5+ units) commercial investment investment.
Purchase price: $675,000
Cash invested: $230,000
Purchased for $675,000 in September 2022. Increased rents, renovated all units, added $75,000 in leasehold improvements, converted tenants from M2M to annual. Reappraised for $980,000 in October 2023. Cash-out refinance. Infinite ROI.
What made you interested in investing in this type of deal?
The opportunity was immense.
How did you find this deal and how did you negotiate it?
Found on the MLS and negotiated directly with the seller's agent.
How did you finance this deal?
20% cash down payment and a 20-year commercial real estate mortgage.
How did you add value to the deal?
Renovated all apartments, converted M2M tenants to annual leases, instituted strict rental criteria, implemented online payment portal, invested $75,000 into leasehold improvements (HVAC, drainage, exterior paint, concrete.) Increased NOI and lowered Cap Rate.
What was the outcome?
Cash-out refinance for infinite ROI.