355 E 48th Street was a complete gut renovation. Vasco purchased this four unit, 4400 SF Property in March of 2014 for $270,000 or ~$61 PSF and renovated it for $390,000 bringing total costs to $660,000 or ~$140 PSF. Upon completion of renovations Vasco refinanced the property and got $1,093,571. Vasco leased up all of the units and was obtaining $8750 a month in total rental income, which in effect created a 9.6% CAP. Vasco sold this Property for $1,232,538 or ~$280 PSF in October of 2015. This was a profit of over $572,538 or ~$280 PSF upon the sale.
1702 Ave M is a mixed-use building in the Midwood section of Brooklyn. This Property is ~8000 SF; Vasco purchased in December of 2014 for $2,950,000 or ~$368 PSF. $1MM from Vasco’s investors and $1,950,000 mortgage. The Property consists of 6 residential units and 5 commercial units. Vasco’s management has appealed to high-end retailers that are now the tenancy of this Property. This Property was bought and very little money capital was put into it, the tenants came because of Vasco’s great management and reputation. This yields an NOI of $208,200 per year, achieving a 6.7% CAP. Vasco Ventures has kept this Property for its portfolio.
17-21 Woodbine was a complete gut renovation project. Vasco purchased the 5600 SF, 6-unit, 2-bedroom, 1-bathroom Property in September 2013 for $1,309,789 or ~$233 PSF. Vasco financed this with $900,000 from Vasco’s investors and $1,000,000 loan. Vasco consulted with top designers in order to bring out the fullest potential of this beautiful building and keep with the theme of modernity while retaining its classic look and ambiance. The investment for the renovations were $598,344 or ~$106 PSF, all in $1,908,133 or $340 PSF. A 10-month period elapsed from purchase date until fully lease up, which included the full-gut renovation and façade restoration. At which point Vasco was achieving an NOI of $183,390/year or ~$33 PSF, effectively creating a 9.6% Cap. The finishes and artistry that went into the building as a whole is unparalleled and the market reacted very strong as it was fully lease up immediately at an average of $2792 or $36 PSF. The building’s state-of-the-art amenities included: Workout facility, laundry and storage. Vasco sold the Property after 9 months of operating in April 2015 for $2,581,145 or $461 PSF. Vasco ended with an equity multiple of 1.9x.
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