Sandburg Neighborhood multi family home
4410-4414 Dwight Dr
152,227 gross annual rent
Investment property / 16 units
These well maintained brick buildings have undergone many recent improvements & gross $156,353 in annual income. 2018 NOI is expected to be $92,458 . ⅓ of the units are occupied by long term tenants while the remaining units have been recently improved & rents increased. The parking lot offers 22 off street parking spots.
4410 Dwight consists of four 2 bedroom apartments. Tenants of this building enjoy 3 patios & a fenced in front yard. Owner provides onsite coin-op laundry & storage lockers.
4414 Dwight consists of twelve 1 bedroom apartments. Four on site coin-op machines are leased. Expansive unfinished basement space lends itself well to value-add improvements. Similar 1 bedroom apartment units in the neighborhood rent for $825+.
The owners have great tenants & no vacancies. The property attracts plentiful tenants year-round for its openness, large windows, “neighborhoody” feel & urban amenities.
Large unfinished basement spaces lend themselves well to value-add improvements.
The buildings are owned by a Wisconsin licensed real estate agent.
4410 Dwight Dr- general building improvements
1. Energy improvements, 2016
Energy Audit performed on building and units, clean & tune boiler, repair non-functioning zone valves, replace thermostats with digital thermostats, install outdoor boiler rest control, install 4 exhaust fans & vent to outside, insulate slopes of mansard roof (deck from interior), insulate flat roof cavity, install low flow shower heads & aerators, install CFL & LED light bulbs, vent dryer to outside with hard pipe, perform air sealing to seal building.
2. Flat roof tear off & replacement, 2016
Previous roof was torn off, decking was repaired & replaced as needed, ¼” per foot tapered insulation system (ISO) was installed to the roof deck, 60 mil EPDM flat roofing membrane was adhered to ISO, new flashings installed, 24 gauge edge metal was installed to the perimeter of the roof.
3. New downspouts installed, 2017
4. First & second floor: common hallways, stairwells, trim & doors painted, 2017/2018
5. Replaced water softener, 2017
6. Common space hallways & stairwells have been painted- ceilings, walls, trim & doors, 2017/2018.
4414 Dwight Dr- general building improvements
1. TPO Flat roof was installed, 2016.
We went with TPO because it’s said to last 35+ years, it’s a white material so doesn’t absorb as much heat, has welded instead of glued seams & is thicker than rubber. TPO is waterproof & has been used as a pool line. Details: PermaSeal GOLD hot-air seam welded reinforced membrane, .5” fiberboard roofing insulation, 20 year manufacturer’s warranty, 15 year Great Lakes labor warranty.
2. New downspouts installed in front of building, 2016
3. New downspouts installed in back of building, 2017
4. First & second floor, plus basement: common hallways & stairwells painted, 2017
5. Replaced boiler, zone valves & thermostats, 2017
6. Replaced water heater & installed a second water heater, 2017/2018
7. Common space hallways & stairwells have been painted (ceilings & walls), 2017.
Many individual apartments have been improved as well.