136 59th St N - Woodland Immeuble residentiel

This is the “Comeback Kid”, from very low occupancy, boarded units and difficult rent collections to currently a 70% occupancy and a 90% score on timely rent collection. The new property management company achieved these results in less than two years. Major deferred maintenance projects are completed plus new improvements are adding to the progress. The investment is now enjoying a positive cash flow of over $500/month and this is with 4 vacant units. Three of the four are lease ready. The actual average rent is $393/month, ranging from $335 to $450. The latest rent/renewal in May 2016 was at $450/month. Area competitive comparable rents indicate a $390 to $425/month range. Value changes suggested for future are basically cosmetic, such as, new paint and carpet as units turn with some remaining appliance upgrades (already done in some of the units).

In addition this property is located in an urban renewal neighborhood of Woodlawn just east of the CBD. It is enjoying revitalization and new growth spurred by public, quasi-public and private programs and investment. For an overview and more information on new developments area revitalization go to www.woodlawnunited.org . The upside potential for investments in this neighborhood is good.