Project Description


102 West 9th Place – 12 Unit Class C Apartment Building in Mesa, Arizona

Issues Prior To Acquisition:

  • 25% occupied, no enforceable leases
  • Deferred maintenance
  • Chronic neglect of building systems
  • Apathetic tenant base with no sense of community

DVP Actions:

Repainted exterior, expanded fence line to create backyards, exterior lighting, replaced every air conditioning unit, replaced electrical system, minor landscaping upgrades, and completed interior renovation program (two-tone paint, new flooring in bedrooms, new bathroom vanities, and new appliances at an average cost of $3,800 per unit).


Complete turnover of tenants and 100% occupancy in 90 days, 30% increase in rents, security deposits achieved, 75% LTV loan attained on a 30 year fixed term.  Cash on Cash returns went from 3% when acquired to 14% upon stabilization.

Projected Returns:

22% leveraged Return on Investment, 16% Cash on Cash on a 10-year average.  Ahead of proforma.

Purchased for $359,000 in 2010, renovation was approximately $100,000.  Current estimated value is $850,000.