Property: Richardson Street, Brooklyn New York
Acquisition Date: January 2021
Description: Richardson is a multi-family rental building located in Williamsburg, Brooklyn. The neighborhood of Williamsburg is a thriving area that is minutes from Manhattan, with highly walkable communities that boasts high-occupancy rates, excellent retail, and business communities, as well as wide ranging options for restaurants and entertainment. The development was acquired in 2021 and utilizing Mortar’s Value Add strategy – the development was retrofit from a traditional two-family home into a 7-unit complex, featuring a mix of 1, 2, and 3 BR apartments. Fully renovated and modernized, the building exceeded projections and is operated with low monthly maintenance costs.
Purchase Price: $2,000,000 Price Per Unit: $628,571
Equity Investment: $1,200,000 Project Term: 24 Months
Project Cost: $4,400,000 Square Footage: 6,400 SF
Average Increase in Rental Revenue Per Unit: 206%
Image at Acquisition
Project Overview: With a construction budget close to $2M, the scope included a full interior demolition of the existing structure, followed by a 2-story addition and rear enlargement. Municipal approvals were received within 4 months of acquisition, followed by a 16-month construction term, and closed out with a short leasing and disposition window to close out the project.
Images at Completion
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