Anticipation, like waiting for fresh cookies to come out of the oven, or seeing the first snow of the season when you have forgotten how much you hate shovelling snow because enough time has past.
The best way forward with our investment in the Colton-Fox building is when we can renovate the 5 residential units and move new tenants in at market rates. Increasing the revenue on an annual basis of $4,800-$6,600 per unit depending on what the rental contract will be signed at adds value to the building.
We started by gutting the 27 year old cabinets, carpet, and appliances.
Next was making sure the unit was cleaned, and the smoke was completely out of the unit. The ceiling and walls were primed and then painted. Wow, what a difference some paint makes.
Kitchen and bathroom flooring came next. And then moving right into building out the kitchen. We really improved the flow and usability of the kitchen by putting in a corner, adding a dishwasher and microwave range hopd and replacing the apartment size fridge and stove with full size appliances. Also added a ceiling fan with light and replaced all the lights with LED fixtures.
You gotta work work work!
Well we put in the work and now the unit if finally complete. Now to finalize some paperwork and get the tenant finalized. But here it is, final product.
