Historic Condo Conversion

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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 

 

 

 

arrowwww.1001covington.com

 

Living room

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