A 22 unit building, located in Pompano Beach, Florida. Building was purchased in January, 2020 for $1,925,000 (including closing costs, renovation budget etc.).

Loan on purchase was $1,275,000 and Equity investment was $650,000.

Although we closed on the property right when the pandemic Burst - we have replaced 100% of the old tenants during the pandemic, while investing significant funds in fixing and improving the property, whether in capital improvements, painting the buildings, re-modeling the units and more.

When we originally closed on the property, average rent was $750 per unit. Our current average rent $1,350 per unit.

In October 2021 we have done a re-finance the loan with the property appraising at a value of $3,000,000, and lowered the interest rate on the loan from 4.75% to 3.08%.

Not only that we lowered the interest rate, we also received our full initial investment back, all within 22 months from the day we closed.

Property still presents us with a strong cash flow, with an estimated value is 4M$.