"The work PlusOne Construction did
has more than paid for itself –
and they made it easy!"
– Steve Lazoff, Seattle, WA
Wallingford Apt Project
PHOTO
FLOOR PLAN
TOTAL units
Before
8
after
9
washer/dryer
before
0
after
9
MONTHLY RENT
INCREASE
+105%
NET OPERATING
INCOME
+105%
roi
+130%
cash on cash
return
NA-Sold when completed
The Challenge
Over the years, this property had began to show signs of her age. Located in a desirable area of Wallingford, this three-story apartment complex found itself facing a constant uphill maintenance battle with plumbing leaks, water damage, deck/siding rot, and roof leak problems. This attracted a less than ideal tenant base and the property had become a nightmare for the ownership.
Uninsulated windows and other older internal systems caused the energy bills of both the tenants and property to skyrocket. In addition to the challenges posed by the rundown condition of the building, existing apartment units had odd, unappealing floor plans that wasted an incredible amount of space.
The Solution
After studying the floor plans we developed a plan that allowed us to add a 2nd bedroom within the existing footprint of almost every unit in the building. Additionally, the 3rd-floor apartment was originally a massive penthouse unit that took up an incredible amount of space and was inefficent. We converted this inefficent large unit into two separate units, which generated a greater return for the ownership.
In addition to the above bedroom and unit add scope of the project, we also installed all new double pane windows, replaced the failing plumbing system in the building, added washer and dryers to all of the units and did a complete exterior overhaul. This resulted in an impressive 130% Estimated ROI for the owner when they decided to sell soon after the remodel was completed.
