There are several ways to increase the value of a multifamily investment property:
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Renovations and upgrades: Improving the units and common areas, such as adding new appliances, updating kitchens and bathrooms, and making energy-efficient upgrades can attract higher-paying tenants and increase the value of the property.
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Increase rental income: Consider raising rent prices, implementing rent control measures, and filling vacancies promptly to maximize rental income.
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Amenities: Adding amenities such as a fitness center, laundry facilities, and a pool can attract tenants and increase the value of the property.
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Good property management: Hiring a professional property management company can help keep the property well-maintained and attract and retain high-quality tenants.
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Location: Consider the location of the property and make improvements to the surrounding area to attract tenants, such as adding walkways, landscaping, and community events.
It’s important to note that increasing the value of your property takes time and effort, and it’s advisable to consult with a real estate professional to determine the best strategy for your specific property and market conditions.
Randolph is a Multifamily Investment Sales Broker with eXp Commercial servicing Multifamily Buyers and Sellers in the Greater Chicago Area.