"The work PlusOne Construction did
has more than paid for itself –
and they made it easy!"
– Steve Lazoff, Seattle, WA
Northgate Apartments
PHOTO
FLOOR PLAN
TOTAL beds
Before
18
after
19
washer/dryer
before
0
after
11
MONTHLY RENT
INCREASE
+105%
NET OPERATING
INCOME
+105%
roi
+97%
cash on cash
return
NA - Sold When Completed
The Challenge
The Northgate Apartments project was a value-add remodel designed to increase the monthly rental income while at the same time finding ways to decrease the overall maintenance and operating expenses.
We set out to convert the unfinished basement area into an additional apartment, while adding washer/dryers to the remaining units. Our biggest challenge was to find a way to perform the remodel without having to replace the entire antiquated electrical service to the building.
The Solution
We began the remodel by replacing balcony handrails, repainting the exterior, adding new landscaping, a new roof, and performing several interior common area updates such as flooring and paint. The rotted wood decks were repaired and replaced with a weather-proof liquid-applied deck membrane.
We then converted the unfinished basement into an additional unit and then added washers and dryers to the existing ones. We found a way to work with the old electrical system without having to replace it.
We added 621 square feet of rentable space that, in addition to the other upgrades we performed, increased the overall monthly rent by 105%. The final result is a beautiful apartment community that has a more contemporary, stylish appeal that made it much easier for the owners to rent. The owners sold soon after the remodel was complete and re-leased at higher rent levels. The property realized roughly a 97% ROI as a result of that sale.
