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Wendell Butler and team at Hammerhead Capital Inc. have added over $1 million in value to this property in 2024. Here's how they did it 👇 🏢 Property details - Purchased November 2023 - Lancaster, South Carolina - 32 unit apartment building - C+ Class, 100% occupancy at time of purchase 💸 Finances - Purchase price: $2,050,000 - Capital raised: $765,000 used for down payment, closing costs, and reserves - Debt structure: $1,537,000 loan, 8% interest, 1 year interest only, 5 year balloon (no pre-payment) 💼 Business plan - Interior cosmetic repairs and rent increases as units become available (paint, flooring, kitchen, bathroom, appliances) - Additional renovations have included foundation repairs, roof repairs, electric panel upgrades and plumbing fixes 🍾 Projected Results - Targeting a 6 year hold with these results: 15% CoC, 18% IRR, 8% pref return - Current property valuation: $3.2 million - Goal is to refinance in 2024, return initial capital to investors and continue providing cash flow, then refinance again or sell at year 6 __________ If you have a deal you'd like to feature here and in our weekly newsletter to over 29,000 investors, leave a comment! #cre #commercialrealestate #realestate #realestateinvesting #realestateinvestor #investing #investor #investment #multifamily

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