Bristol_Renovations_Before_and_After__1_.pdf

Transcript

1. NEW ENGLAND HIGH INCOME MULTIFAMILY FUND Bristol VT Portfolio Case Study PROPERTIES OVERVIEW Purchase price (7/2022) $835,000 Purchase Price Per Unit $75,909 Sale Price at 8%n(8/23) 1,489,672 Projected Hold Period 12 Months Historical NOI $63,630 Post-reno Stabelized NOI $118,500 The 3 Bristol properties, a total of 11 units were acquired off-market together for $850,000 as a part of the Otter Creek Portfolio in August of 2022. Projected projected growing average rent by 25%, instead we grew it by 39% in half the time. At a 8% cap rate (vs a 7% cap appraisal) the valuation is $1.49MM.
2. Step 1. Safety Items Addressed in July/August 2022 • The first thing we worked on is what we classified as safety issues • We checked and replaced all the nonworking gfi receptacles • We removed all the flammable paints and chemicals from the boiler room • We removed all the flammable paints and chemicals from the boiler room • We added smoke alarms in all the bedrooms as there was none • We cleaned the storage shed of years of junk
3. Replaced collapsing ramp.
4. Removed and replaced the worn-out carpets
5. New Carpet installed
6. Example of Before - the “Cat Lady” Apartment
7. More pictures Before Pictures Rat hole in living room
8. After Unit Renovations: LPV Flooring, Stainless Steel appliances, new carpets, painting, bathrooms, reface cabinets.
9. Example Unit Renovation In Progress Bathroom 110 volt outlet that was connected to 1 side of a 220 volt breaker
10. Example Unit Renovation In Progress
11. Example Post Renovation Picture
12. Renovated Kitchen
13. More After Photos
14. After more than 2 and a half months the tenants t on October 5th from apartment 3 so we could start remodeling that one We worked back and forth from 3 to 5 as we could only work in ether one of them for short time due to cat urine in 5 and smoke in 3
16. Post Renovation Apartment Example
17. Cost Savings Through In House Construction 2 to 3 weeks project Start date 802-989-7677 Silver Maple Construction, LLC july $31,000.00plus materials ,electric,plumbing 803-545-6000 Multy Builders april $28,000.00plus materials ,electric,plumbing 802-453-4044 Roundtree Construction didn't want to do it 892-349-9008 New Haven Builders Inc. spring maybe $33,000.00plus materials ,electric,plumbing Based on the lowest estimate, we saved approximately $25K per apartment! 3rd Party Bids per unit cost