STEVENS COURT

Value Add Mixed-Use Rental Portfolio Project

BEFORE                    AFTER

Everything has a life cycle, including a neighborhood; what's old will eventually be reborn.  The IDG mission is to participate in revitalization but to also preserve the heritage created by existing residents.  The majority of the tenants in this real estate portfolio are single adults and seniors that would eventually be displaced with the continued gentrification of the neighborhood. 

 

By taking over this rental community from retiring landlords, we prevented it from being sold to someone whose sole intent would have been to remove the tenants, then build high dollar real estate.

 

There are six(6) - 2 bed /1 bath homes and twelve(12) - 1 bed 1 bath homes.  Most tenants have been here for a decade or more, and hope that they do not have to move.   There are also two commercial buildings on the property with one existing tenant.  

Considering the age of these properties, they are in good condition.  The previous owners had taken great pride in keeping the place up.  In fact, their son is one of the tenants that will remain on sight.  The plumbing and roofs were replaced in the past ten years.  The parking lots were asphalted as well.  The tenants pay their utilities, and the houses have low maintenance window units for climate control.

By acquiring this portfolio, we can ensure their long term stability as the community around them revitalizes.  Rents range from $550 - $800 per month on the residential side.  The one occupied commercial tenant pays $1300 per month.  Total revenues are $13k per month as is.  

The vacant commercial space is the value add opportunity.  The goal is to bring in a coffee shop that serves as a meeting place and internet cafe for the neighborhood.

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