Originally sixteen bedrooms between two buildings, we were able to add two more bedrooms in two of the apartments to create six three-bedroom apartments. The property received modern improvements such as the paint schemes, updated kitchens and bathrooms and high-end appliances.
Before & After
Governor Street was acquired by a single-purpose Limited Liability Company. The original property was comprised of four 3-bedroom units and two 2-bedroom units for a total of 16 bedrooms. By reconfiguring space, we added a third bedroom to both the second and third floor units of Governor St and increased the properties from 16 bedrooms to a total of 18 bedrooms. Market rents have averaged over $825 per bedroom, with projected gross rental income of $181,000 per year.
Other improvements to this property include upgraded kitchens with new cabinets, counters and appliances, bathrooms with new fixtures and finishes, individually controlled high-efficiency heat and central air conditioning equipment in each apartment, designer paint schemes, modern light fixtures, hardware and trim and fully furnished with modern décor, HD Smart TV, and high speed internet.