Historic Condo Conversion


The Challenge


arrowMake apartment building with negative NOI profitable



arrowConvert Steam heat system to tenant paid forced air



arrowObtain NEZ tax abatement from city council



arrowObtain alley from city and combine with vacant land to create secure parking



arrowRenovate building, market and sell out the Condos


1001 front

The Solutions

kitchen galley facing hall pano3

arrowObtained tax abatement working closely with city



arrowImplemented heating system conversion, while maintaining building above 90% occupancy



arrowVacated alley and assembled land for secure parking



arrowReplaced windows, roof, electric and renovated units



arrowAddressed environmental issues

The Results

arrowTook negative NOI building to a project yeilding $3.2M revenue and over $1M in profit




arrow%400 return on capital employed




arrowAchieved project profitability 18 months after acquisition 






Living room

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