How We Added $650K of Value to a 6-Plex in Scottsdale, Arizona
I'm extremely proud to present this GoldHawk Capital case study of a 6-plex we recently renovated in Scottsdale, AZ. It is rare that renovations go smoothly and turn out better than imagined, but we emerged with a big win. This project was completed two months ahead of schedule and looks incredible!
The Acquisition
We acquired this property in June 2022 (along with a duplex next door) for our GoldHawk Renovation Fund III, a 17-unit portfolio. We sourced the property off-market from a distressed seller by utilizing our established broker relationships in Phoenix, AZ. This was one of the worst properties in a Class "A" location.
Purchase Price: $1.75M ($292k/door)
Unit Mix: (4) two bedrooms; (2) one bedrooms
Average Rent: $550/month | all tenants on month-to-month
Before Photos:
The Renovation
Our general contractor provided us with a detailed scope of work before we purchased the property. They were able to begin demolition immediately after the close of escrow and removal of the month-to-month tenants.
Renovation Budget: $385k ($64k/door)
Progress Photos:
Our target completion date was January 2023, but our contractors surprised us with an early finish in November 2022!
Final Product
Target Rents: $1,650/month (200% increase or 3x the previous rent)
Property Value: $2.4M (37% increase)
I want to thank our investors, lender, contractor, broker, and everyone else who made this project possible. At GoldHawk Capital, we're good at sourcing and executing deals, but it truly takes a team effort to fully capitalize on opportunities like this.
My current holdings include 850+ units of multifamily. I plan to significantly increase my multifamily holdings this year through investments with GoldHawk Capital, the company I co-founded to acquire, renovate, lease, and sell apartment buildings in Phoenix, Arizona. If you have any questions, please leave them in the comments section or reach out to me personally at elijah@goldhawk.us.