[youtube=http://youtu.be/4oXNHJ6p-oE]
This outstanding apartment unit was renovated and turned over by Nick Myerhoff and Myerhoff & Associates. Rents went from $950/mo to $1575/mo. The project took approximately 30 days at a cost of $8900.
[youtube=http://youtu.be/3arf64UNWY8]
This small studio apartment was also turned over by Myerhoff & Associates. It had not been updated for almost twenty years. It needed virtually everything except a bathroom.
We took rents from $650 to $950. The renovation included new windows, floors, fixtures, cabinets and counter top. We also rearranged the layout of the kitchen and added compact appliances.

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Recently I had the opportunity to see my friend Mark Lipsett from Pacific Western Bank speak about the East Bay Multifamily Outlook in 2017, and more generally, the state of the multi-family market. This was put on by our trade group East Bay Rental Housing Association, EBRHA which is a fantastic resource for anyone owning income property in Alameda county.
Mark is a banker, so this was delivered through a lending lens, which is to say a relevant one based on data from his institution.
My big takeaways from the talk were the following:

  • Rates are up 33% since the election
  • The vacancy rate is up from 4.2% to 4.7%
  • Construction permits are down 15% from last year

(more…)

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