"The work PlusOne Construction did
has more than paid for itself –
and they made it easy!"
– Steve Lazoff, Seattle, WA
Capitol Hill Bsmt Unit Add
PHOTO
FLOOR PLAN
Total baths
Before
0
after
2
total beds
before
0
after
2 + Den
MONTHLY RENT
INCREASE
$2,800
NET OPERATING
INCOME
$23,400
roi
155%
cash on cash
return
+12%
The Challenge
Located in the desirable Capitol Hill neighborhood of Seattle, the Randolph Apartment community resides in a 100-year old building. As with most structures of this age, the original plumbing and electrical systems were still in use.
The owner wanted us to create a new 2-bedroom, 2-bath apartment out of an unused storage area in the basement of this property. The challenge was that they only wanted us to add this unit—and not have to completely redo or upgrade all other electrical/plumbing systems in the building.
The Solution
Before we began work, we studied the original plans and realized that the 1,000sq. ft. 2-bedroom, 2-bath remodel plans could easily be upgraded to a 1,225sq. ft. 2-bedroom, 2-bath Plus Den unit with its own laundry for not that much more money. The owner saw the value in our new proposed plans, and we soon started the remodel. We were successfully able to work with the older water, sewer, and electrical systems. The end result is a $2,800 net increase in monthly rent and we estimate that if the building were sold today, they would realize a 155% ROI on this project.
