"The work PlusOne Construction did
has more than paid for itself –
and they made it easy!"
– Steve Lazoff, Seattle, WA
Eastlake Apt project
PHOTO
FLOOR PLAN
total units
Before
6
after
7
washer/dryer
before
0
after
7
MONTHLY RENT
INCREASE
+76%
NET OPERATING
INCOME
+76%
roi
+66%
cash on cash
return
+5.52%
The Challenge
The East Apartments had seen better days. The community occupied a charming brick building that featured custom wrought ironwork and other classical design elements reminiscent of a long-gone era.
Over the decades, it fell into severe disrepair. Rotted floors, heavily damaged kitchen counters, antiquated plumbing and electrical systems were so bad that several apartments were abandoned entirely.
Despite the condition it was in, we saw potential and set out to restore the inner beauty that once made this apartment so great. We faced an uphill battle, as we not only had to renovate the building and apartments, but maintain as much of the original charm and design elements as possible.
The Solution
Each apartment had an overly large floor plan for being one-bedroom units. We turned several of them into 2-bedroom, 2-bath units and then added a washer and dryer.
Then since every unit now had it's own washer & dryer, there was no need to have a common laundry room. We took advantage of this newly found and underutilized common laundry space by converting it into a Studio apartment.
After we upgraded the apartments, we then turned our sights to the exterior and common areas of the building. We were able to salvage and work with the beautiful original ornate millwork in the doors and windows. We also refurbished the custom wrought ironwork as well as several other external elements that improved the overall aesthetics and curb appeal.
We ended up with a beautiful classic building with modern amenities that retained much of its original charm.
When finished with the remodel, we had added 1 new unit, 7 new bedrooms & 7 new bathrooms to the building, added 7 washer dryers to the building, and increased rentable square footage by 629sq ft. This ultimately equates to an estimated 5.52% increase in cash on cash return & an estimated 66% overall ROI once the building is sold.
