2219 Marshall Street NE
Minneapolis, MN 55418
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This was a fun project we did in 2012 with an owner that lived in Russia at the time (originally was from NE Minneapolis). We remotely located and underwrote the project and were able to complete the renovation of occupied units in under 2 months. This included new flooring, kitchen countertops, stainless steel appliances, common area improvements and other luxury style upgrades. The budget was only $5000.00 per unit, so we had to be extremely efficient with how the renovation went. Because of this we did keep the existing cabinets.
Now the property is 100% occupied with a waiting list and reaches consistent rent growth of 8-12% annually in the current market. We were able to refinance the property in 2015 and earn 172% ROI paying back all investors and increased monthly payouts.