Mul ‐Family– Value Add

Remodel Experts

Increase Cash Flow

Increase Property Value

Reduce Opera ng Expenses

Eliminate On‐Going Maintenance Headaches

“Turn Key” Asset Crea on

(206) 507‐4848 www.PlusOneConstruc on.com

(206) 507‐4848

Who We Are & Capabili es:

We are a commi ed team of organized remodel experts with deep experience & passion in the mul ‐

family remodel process. Over the past 10 years we’ve focused solely on mul ‐family remodel projects

in the city of Sea le. In those 10 years, we’ve remodeled over 25 buildings comprised of over 300 indi‐

vidual units.

We have the experience & the right people to not only plan & execute the actual construc on work,

but also to handle the other equally important elements necessary for success on apartment building

remodels today. Elements such as dealing with plan dra ing, naviga ng the permi ng process, value

engineering, design, construc on financing, landlord tenant laws, working with property managers &

tenants & more. Simply put, we know how to “process” the project from ini al feasibility to a com‐

pleted product.

Addi onally, we understand apartment finance & how commercial property is valued which gives us an

addi onal edge on developing the plan that will produce the greatest return on investment possible.

Because these projects typically require careful dealings with exis ng tenants, and because the post

remodel lease up is cri cally important, we can provide a property manager whom is experienced in

working though these types of projects should that be needed for the project as well.

When we become your general contractor, you get a highly specialized & experienced partner to facili‐

tate the project in a mul tude of disciplines.

Take a look at the example deals in this booklet &

Give us a call to discuss how we can add value to your property.

(206) 507‐4848

www.PlusOneConstruc on.com

 

(206) 507‐4848 

 

What We Do: 

We specialize in iden fying and adding value to exis ng mul ‐family proper es in the Sea le area.

How We Do It:   

Our approach is centered around increasing the building’s NOI by maximizing poten al rent and by re‐

ducing on‐going & future expenses. We accomplish this in several different ways and each project is

unique with it’s own opportuni es to increase value.

A few examples: 

Adding a new unit to the exis ng structure, such as in the basement.

Adding bedrooms to exis ng units when possible, such as conver ng a dining room into 2nd bed‐room. (Turning a 1BR/1BA into a 2BR/1BA for example).

Upda ng Finishes such as new cabinets, flooring, etc

Adding Washer/ Dryers to unit.

Why Plus One? 

Experience:  For the past 10 years our sole focus has been remodeling apartment buildings in the Sea le area. With that has come all the experience necessary to navigate these projects from the ini al planning to a finished, successful project.

Full Service:  We can handle everything from the ini al walk through and iden fica on of value add opportuni es all the way to a finished product. We can also assist with property management throughout the project by providing an experienced in‐house property manager.

Proven Track Record:  We have a proven track record of iden fying and adding value on Mul ‐Family projects.

 

 

(206) 507‐4848 

www.PlusOneConstruc on.com 

Capitol Hill BSMT Unit ADD - Project

(Capitol Hill –Seattle, WA)

Added 1 Unit to Existing Apt Building

2017

Capitol Hill BSMT Unit ADD - Project

“BEFORE” Floor Plan

USE: Storage Lockers

(206) 507-4848

Capitol Hill BSMT Unit ADD - Project

“AFTER” Floor Plan

1125 Sqft—2BR/2BA

(206) 507-4848

Capitol Hill BSMT Unit ADD - Project

Kitchen

(206) 507-4848

Capitol Hill BSMT Unit ADD - Project

Kitchen / Living

(206) 507-4848

Capitol Hill BSMT Unit ADD - Project

Bathroom #1

(206) 507-4848

Capitol Hill BSMT Unit ADD - Project

Bathroom #2

((206) 507-4848

9ŀǎǘƭŀƪŜ Aptǎ  ‐  Value Add Remodel Eastlake - Seattle, WA

Purchase Year: 2016 SUMMARY Remodel Finish: 2017

Value Added Work Description Post Remodel Rental Income & NOI

ITEM BEFORE AFTER INCREASE Monthly Gross RentsAPT Units 6 7 1 BEFORE AFTER INCREASE %

Beds 6 13 7 $9,800 $17,275 $7,475 76%Baths 6 12 6

Washer/ Dryer 0 7 7Rentable Sqft 5376 6005 629 NOI (Net Operating Income)

BEFORE AFTER INCREASE % *Note: Additional Interior and Exterior Upgrades performed. $88,200 $155,475 $67,275 76%

Rent Roll/ Before & AfterBEFORE BEFORE BEFORE BEFORE AFTER AFTER AFTER AFTER

Suite Unit Type Sq Ft Rent/SF Mo.Rent Unit Type Sq Ft Rent/SF Mo. Rent

1 Studio 696 1.58$ $1,100 1BR/1BA 686 $2.54 $1,7452 Studio 696 1.58$ $1,100 3BR/2BA 1028 $2.72 $2,8003 1BR/1BA 996 1.81$ $1,800 2BR/2BA 996 $2.56 $2,5504 1BR/1BA 996 1.81$ $1,800 2BR/2BA 996 $2.71 $2,6955 1BR/1BA 996 2.01$ $2,000 2BR/2BA 996 $2.81 $2,7956 1BR/1BA 996 2.01$ $2,000 2BR/2BA 996 $2.81 $2,7957* Studio (New) 307 $4.71 $1,445

Parking $0 $450Totals: 5,376 $1.82 $9,800 5,698 $2.95 $17,275

Return On InvestmentStatus: Currently Held

Purchase Price ######## (Current Value @ 4.75% $3,273,158 Net Profit $434,037Construction Costs $645,000 TOTAL ALL IN $2,610,000 Cash Invested $655,000Carrying/ Other Costs $115,000 Closing Costs $229,121

TOTAL ALL IN ######## Net Profit $434,037 ROI (IRR) 66%(If Sold)

Cash on Cash Return

Monthly Rent $17,275 Debt Service -$9,250 Annual Cashflow $36,183Vacancy @ 4% -$691Expenses @ 25% -$4,319 Cash Flow $3,015 Cash on Cash 5.52%

9ŀǎǘƭŀƪŜ !LJǘ π tNJƻƧŜŎǘ

“BEFORE” Floor Plan—1st and 2nd Floors

Before: (4) 1BR/1BA (996 sqft)

B24RBCB18R

SB

30

B20R

B2

1L

B2

4LB30 B24L B18L

B24L BCB18L

SB

30

B20L

B2

1R

B2

4R

B30B24RB18R

B24RBCB18R

SB

30

B20R

B2

1L

B2

4LB30 B24L B18L

B24L BCB18L

SB

30

B20L

B2

1R

B2

4R

B30B24RB18R

2668

2668

6840DH

2668

2668

2668

2668

5640

DH

4040

DH

30686840DH

2668

3040

DH

3040

DH

2668

3068 6868

2668

2668

2668

4040

DH

5640

DH

3040

DH

3040

DH

6868

2668

26682668

5040

DH

26682668

2668

5040

DH

5068

2668

5068

UP

UP

UP

UP

CO CO

CO

COCO

CO

COCO

11'-3"

10'-3"

8'-6

"11

'-5 3

/16

"

13'-1

0"

11'-9

"

16'-6"

18'-4"

16'-6 1/2"

10'-3"

8'-6

"11

'-5 3

/16

"

13'-1

0"

11'-9

"

16'-6"

18'-4"

Existing EgressWindow

Eastlake Apt - Project

"AFTER" Floor Plan - 1st & 2nd Floors

Before: (4) 1BR/1BA (996 sqft)After: (4) 2BR/2BA (996 Sqft)

*Added (4) Bedrooms & (4) Bathrooms to existing Units*

Unit 4 & 6

WAS: 1BR/1BANOW: 2BR/2BA

Existing EgressWindow

Existing EgressWindow

Existing EgressWindow

KEY

NEW WALL

REMOVED

Unit 3 & 5

WAS: 1BR/1BANOW: 2BR/2BA

Eastlake Apt - Project

“BEFORE” Floor Plan—BSMT Level

Before: (2) Studios (696 sqft Each)

Before: (2) Studios (696 sqft Each)

AFTER: (1) 1BR/1BA (615 sqft)

(1) 3BR/2BA (1028 sqft)

(1) Studio (310sqft)

*Added (1) New Studio Unit, Added (4 ) New Bedrooms, (1) New Bath*

*Added 560 rentable sqft*

Eastlake Apt - Project

“After” Floor Plan—BSMT Level

BEFORE

Kitchens

AFTER

Kitchens

BEFORE

Living Rooms

AFTER

Living Rooms

BEFORE

Bathrooms

AFTER

Bathrooms

Wallingford Apt‐Value Add Remodel Wallingford - Seattle, WA

Purchase Year: 2014 SUMMARY Remodel Finish: 2015

Sold: 2015

Value Added Work Description Post Remodel Rental Income & NOI

ITEM BEFORE AFTER INCREASE Monthly Gross RentsAPT Units 8 9 1 BEFORE AFTER INCREASE %

Beds 11 18 7 $9,740 $19,965 $10,225 105%Baths 9 10 1

Washer/ Dryer 0 9 9Rentable Sqft 6516 6686 170 NOI (Net Operating Income)

BEFORE AFTER INCREASE % *Note: Additional Interior and Exterior Upgrades performed. $87,660 $179,685 $92,025 105%

Rent Roll/ Before & AfterBEFORE BEFORE BEFORE BEFORE AFTER AFTER AFTER AFTER

Suite Unit Type Sq Ft Rent/SF Mo Rent Unit Type Sq Ft Rent/SF Mo. Rent

1 1BR/1BA 645 1.39$ $895 2BR/1BA 645 $3.25 $2,0952 1BR/1BA 645 2.02$ $1,300 2BR/1BA 645 $3.25 $2,0953 1BR/1BA 637 1.73$ $1,100 2BR/1BA 637 $3.29 $2,0954 1BR/1BA 645 1.47$ $950 2BR/1BA 645 $3.25 $2,0955 1BR/1BA 645 1.39$ $895 2BR/1BA 645 $3.09 $1,9956 1BR/1BA 637 1.88$ $1,200 2BR/1BA 637 $3.29 $2,0957 2BR/1BA 825 1.70$ $1,400 2BR/1BA 995 $2.36 $2,3508 3BR/2BA 1837 1.09$ $2,000 3BR/2BA 1277 $2.66 $3,4009* 1BR/1BA 560 $3.12 $1,745

Totals 6,516 $1.49 $9,740 6,686 $2.99 $19,965

Return On InvestmentStatus: Sold 2015 - 1 Year Hold

Purchase Price $1,600,000 Sold Price $3,567,000 Net Profit $847,310Construction Costs $720,000 TOTAL ALL IN $2,470,000 Cash Invested $650,000Carrying/ Other Costs $150,000 Closing Costs $249,690

TOTAL ALL IN $2,470,000 Net Profit $847,310 ROI (IRR) 130%(1 yr Hold)

Wallingford Apts

“BEFORE” Floor Plan—2nd and 3rd Floor

Before: (6) 1BR/1BA Units (645sqft)

Wallingford Apts

“AFTER” Floor Plan—2nd and 3rd Floor

Before: (6) 1BR/1BA Units (645sqft)

AFTER: (6) 2BR/1BA Units (645sqft)

*Added Total of 6 Bedrooms—To 6 units*

Wallingford - Apts

“BEFORE” Floor Plan—PENTHOUSE Level

Before: (1) 3BR/2BA (1837 sqft)

Wallingford Apts

“AFTER” Floor Plan—PENTHOUSE Level

Before: (1) 3BR/2BA (1837 sqft)

AFTER: (1) 3 BR/2BA (1277 sqft) & (1) 1BR/1BA (560sqft)

*Added NEW 1 BR/1BA Unit & While keeping Existing 3BR/2BA unit*

BEFORE

Kitchens

(206) 313-6587

AFTER

Kitchens

BEFORE

Bathrooms

AFTER

Bathrooms

BEFORE

Living Room

AFTER

Living Room

Northgate Apts ‐ Value Add Remodel Northgate - Seattle, WA

Purchase Year: 2015 SUMMARY Remodel Finish: 2016

Sold: 2017

Value Added Work Description Post Remodel Rental Income & NOI

ITEM BEFORE AFTER INCREASE Monthly Gross RentsAPT Units 10 11 1 BEFORE AFTER INCREASE %

Beds 18 19 1 $10,629 $21,780 $11,151 105%Baths 14 15 1

Washer/ Dryer 0 11 11Rentable Sqft 8940 9561 621 NOI (Net Operating Income)

BEFORE AFTER INCREASE % *Note: Additional Interior and Exterior Upgrades performed. $95,661 $196,020 $100,359 105%

Rent Roll/ Before & AfterBEFORE BEFORE BEFORE BEFORE AFTER AFTER AFTER AFTER

Suite Unit Type Sq Ft Rent/SF Mo.Rent Unit Type Sq Ft Rent/SF Mo. Rent

101 1BR/1BA 744 1.07$ $793 1BR/1BA 744 $2.21 $1,645102 2BR/1BA 894 1.21$ $1,083 2BR/1BA 894 $2.01 $1,795103 2BR/2BA 944 1.24$ $1,167 2BR/2BA 944 $2.28 $2,150201 1BR/1BA 744 1.07$ $793 1BR/1BA 744 $2.22 $1,650202 2BR/1BA 894 1.21$ $1,083 2BR/1BA 894 $2.29 $2,050203 2BR/2BA 944 1.24$ $1,167 2BR/2BA 944 $2.49 $2,350301 1BR/1BA 744 1.07$ $793 1BR/1BA 744 $2.49 $1,850302 2BR/1BA 894 1.21$ $1,083 2BR/1BA 894 $2.29 $2,050303 2BR/2BA 944 1.24$ $1,167 2BR/2BA 944 $2.28 $2,150B1 3BR/2BA 1194 1.26$ $1,500 2BR/2BA 1010 $2.27 $2,295B2 2BR/1BA (New) 805 $2.23 $1,795

Totals: 10 8,940 $1.19 $10,629 11 9,561 $2.28 $21,780

Return On InvestmentStatus: Sold 2017

Purchase Price $1,899,000 Sold Price $3,748,000 Net Profit $821,640Construction Costs $590,000 TOTAL ALL IN $2,664,000 Cash Invested $848,000Carrying/ Other Costs $175,000 Closing Costs $262,360

TOTAL ALL IN $2,664,000 Net Profit $821,640 ROI (IRR) 97%(Over 2 Year Hold Period)

Northgate Apts

“BEFORE” Floor Plan—BSMT

Before: (1) 3BR/2BA (1194 sqft) & Storage Lockers

Northgate Apts

“AFTER” Floor Plan—BSMT

Before: (1) 3BR/2BA (1194 sqft) & Storage Lockers

AFTER: (1) 2BR/ 2BA (1010sqft)

(1) 2BR/1BA (805sqft)

*Converted Storage Space into 2BR/1BA unit*

Also Added Laundry to all units (11 Units Total)*

BEFORE

Exterior

AFTER

Exterior

BEFORE

Kitchens

AFTER

Kitchens

BEFORE

Bathrooms

AFTER

Bathrooms