Merriam 3

This property is a sight to see – with 34 units, the exterior and interior have both been extensively beautified. What's more, the plot of land situated at the back of the units offers a range of options: it can be developed further, transformed into a tenant amenity area, or left untouched. Additionally, the single-family home on the property could easily be converted into a leasing office for live-in management. Before the recent rehab, the main building's 23 units were serviced by six master furnaces that were regulated by only three thermostats, which tenants could not access. As a result, all units were continuously heated and/or cooled, even if they were vacant. This also meant that if a unit became too warm, tenants resorted to turning on fans or window AC units to cool down. As a result, all units were both heating and cooling simultaneously. Recently, new electrical systems and metering have been installed. Once the electric bill has been handed over to the tenants, the buyer can continue to benefit from an increase in NOI by decommissioning the gas line and the inefficient and problematic furnaces. To address immediate inoperative units, seller upgraded and installed 8 ductless mini-splits throughout the main building and 15 units remain. The main building's 50-year-old galvanized steel plumbing was recently replaced with Pex. While dealing with leaks, clogs, or pressure issues, we chose to replace entire subsections with Pex instead of employing short-term band-aid fixes to the old pipes. This approach not only saves time but also ensures long-term repair solutions and minimizes the need for future repairs. With the rehabilitation nearly complete, there will be three main benefits to the forced equity: