It has been a great year for multifamily investments with all CSQ Properties performing above the national average for rent collection and performing better than the predicted pro forma estimates!
The year end financials have been uploaded to the respective investor portals with some highlights noted below.
1955 Locust Ave., Long Beach, California
This building has performed great in 2021. We have raised the Net Operating Income by 13% or almost $16k. With a conservative cap rate of 4.5%, this would equate to an increase in equity of $350k!
Riverside Flats at Aberfoyle Village, Belmont, North Carolina
This apartment building has been doing great with continuous monthly investor Cash on Cash distributions of ~7%. The average occupancy over the course of the year was 96%.
551 Daisy Ave., Long Beach, California
This is the newest building of the portfolio. Although we have not had an owner distribution yet, it is on the way. Rents have already been increased over 6% in 8 months with another 2% overall increase expected next month.
In addition, there have not been any missed rent payments from this property!
1470 Elm Ave., Long Beach, California
Although two of the tenants fell behind in rent in 2021, the State of California reimbursed 100% of the missed rents including utility bills. This helped enable this property to perform as expected prior to the Pandemic.
Including Covid Rent Relief payments, we collected 100% of rents for this building for 2021! The overall vacancy, including move-out and rehab down time for this building was only 5%.
Net Operating Income on this property increased from $87,000 to $110,000. At a conservative cap rate of 4.5%, this would equate to an increase in equity of $520k!
As you can see Multifamily investments have been performing exceptionally well as I’m sure you’ve heard. If you’re interested in learning about our next Out of State multifamily investment, please reach out!