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Property before & afters
Jungle Prada Flats
This historic 1925 building is a 15 unit + restaurant mix and sits on a unique lot with access to a boat dock. It is also located next to a historic Indian mound and burial site where original Spanish explorers first landed in the year 1528. You can find out more historic info here: https://www.trailoffloridasindianheritage.org/anderson-mound-jungle-prada/
It was purchased for $2.5M and has undergone extensive interior and exterior renovations upwards to $1M. The units are a mix of studios, one and two bedrooms achieving rents from $1,500-3,000/mo. The new value exceeds $6.5M. The property has all new landscaping, paint, exterior finish, custom metal work, fencing, an outdoor grill, private patios and decks, a shuffle board and more! The interior units have been fully remodeled and designed to keep the original intent of the building
Dakota Apartments
This 10 unit multifamily property was acquired directly from the seller without brokers. The new owner had been working on this deal for over 5 years, eventually the owner sold and this prime property is one block from Bayshore and was acquired for $2,275,000 with most of the units having original hardwood floors and unremodled 1 bedroom units. The new owner worked with a local architect to redesign the units converting them to 2 bedroom units with washer and dryer hookups, while completely remodeling the units, refinishing the exterior brick, new landscaping and other improvements. This is a true, one-of-a-kind property where rents had been low in the 1-2k range and now will easily achieve $3,000-3,500/mo.
Mulholland Flats
This 8 unit, multifamily property was acquired as a value add strategy for $800k in Tampa. Situated in one of the hottest neighborhoods, Seminole Heights the new buyers, along with Out Fast Property Mgmt, immediately began the capex strategy for the property. Rebranding the name, implementing new signage, fencing, paint and other exterior improvements while also renovating units as tenants left. In the first 12 months, all units were turned over boosting rents from an average of $750-1,000 to $1,400-2,000 when finished. After the capex strategy was completed it created forced appreciation and equity creation bringing the value to over 1.6 million.
Before
After
Euclid Schoolhouse
This 16 unit multifamily property was acquired from CBRE, the listing broker, at a value of $185k per unit and less than 18 months after we began managing the property the owner sold it for $275k per unit, a total value creation of $1,440,000 in a short period. The owner had a bridge loan on the property and we met the necessary deadlines in place for him to refinance or sell. A truly unique property within minutes from Downtown St. Petersburg. Rents we’re being achieved at the end of the period at $1,600 for 1 bedroom and over $2,000 for the 2 bedrooms.
Mathers Lane
This duplex was acquired from a wholesaler buy an out of state investor that had never seen the property in person. They paid $213,500 with an estimated renovation cost of $8,200 which was provided by the wholesaler. We were contacted during the due diligence phase to assist with assessing the property, rental values and the overall strategy. The original bid was very low and not accurate. We had the property properly assessed with a licensed contractor for $22,000 setting the correct expectations and budgets with the client. We saved them time and energy by making the proper repair recommendations for their budget and strategy with a qualified team. The renovation was completed within just a few weeks achieving high market rents and allowing the owner to refinance within the first year pulling his initial down payment out from the value being created. Years later we still manage the asset, no tenant turnover, consistent rent increases and a quiet property with few problems for our out of state investor. They continue to look for deals like this to repeat the BRRR strategy, buying, repairing, renting and refinancing! The value in today’s market would easily exceed $350,000.
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After
Pine Duplex
This duplex in West Tampa was acquired for $240k, through exterior improvements and interior renovations the rents were boosted from $795 a side (2 bedroom) to $1,400 a side with a created property value of $350k. A perfect property for any investor that could be used for long term or short term renting.
Before
After
Explore just a few premium multifamily properties managed by Out Fast Property Management
