The Ridgeview apartments were purchased in 2012 for $2,695,000. The building consists of 15 1100 SF 2-bedroomunits atop 4000 square feet of commercial space, divided up between three tenants. We made significant upgrades to the exterior and interior of the building and subsequently increased rents by an average of 62%.
Upgrades included new modern kitchens and bathrooms, hardwood floors, lighting and a reconfiguration of both residential and commercial spaces to add rentable area and make the units more attractive to potential tenants. In 2014 we refinanced the building and our investors received 90.81% of their money back tax-free.
In 2016 we sold the property for $6,128,000
$2,695,000
4 Years
$6,128,000
36.27%
7.17%
Cap Rate on Cost
6.73
GRM on Cost
Achieving Your Vision
Planning for retirement is essential to your long-term financial well-being. At Finovate, our experienced team collaborates with you to identify your retirement goals and crafts a tailored, comprehensive strategy to help you achieve them with confidence.
How Can Our Team Help You to Reach Your Goals
Learning About You
Schedule a 30-minute call with our professional to discuss your goals and how we can help. This phone or Zoom call also outlines who we are and our process.
Organized Meeting
Meet with our team to gather the necessary data for your Financial Plan. We’ll discuss your finances, lifestyle, and goals, including investments, assets, expenses, and income.
Plan Meeting
Our advisor will present your personalized financial plan, ensuring it aligns with your evolving needs and goals, and provide clear steps to help you reach your financial objectives.
Implementation
Your advisor will send a copy of your plan with an actionable list of recommendations. We’ll implement and manage these, keeping you updated.
