investor & Developer Services
CONDO CONVERSIONS, ACCESSORY DWELLING UNITS (ADU), MULTI-UNIT, DUPLEX, SINGLE FAMILY HOUSE FLIP
What We Do
We leverage our expertise to save time and resources by acting as renovation designer, project facilitator, property stager and real estate sales broker. We work closely with investors to help facilitate acquisitions, renovate, stage and, ultimately sell properties. Whether a multi-unit, duplex, single family, accessory dwelling unit (ADU), or condo conversion project, we focus on ROI and profitability. We’re cognizant of making smart investments when applying stunning design and adding value; we know it does not have to cost that much more, but believe in order to add value to a property, the design component is essential to standing out.
Case Study 1: Rockridge 4-Unit Condo Conversion
Background: Our out-of-state client contacted us regarding two 4-unit garden apartments, just steps from College Avenue in Rockridge. He had begun the condo conversion process but was unsure how to proceed with the sale given several challenging tenant situations. Over the course of two years, we worked on the interior and exterior renovation design and facilitated the renovation process. During that time, we worked through the ebbs and flows of tenant issues, contractor issues, and neighbor issues to finally realize highly successful sales.
Recommendations: The condo units were former rental apartments and very much felt that way. In order to make the units more appealing and "home-like" to garner higher sales prices, we advised our client to remove the wall furnaces and install new modern gas fireplaces to heat each unit. We added details such as wallpaper, high-end appliances, and statement lighting to further finish each unit to feel unique and special. We advised our seller to build storage units, install laundry in each unit, and to offer each unit with private/deeded outdoor space. In the end, the units all offered the same amenities as a detached home so buyers no longer felt they were buying an apartment, but a real home.
Result: Within 14 days on the market, all units went pending and were sold without contingencies. The client purchased the building for $1,050,000 and total sellout was $2,865,000 or nearly $1,000 per square foot.
Case Study 2: Temescal Church conversion
Background: Always on the search for interesting and overlooked properties, we noticed this abandoned church in an up-and-coming area on the Temescal - Longfellow boarder (sometimes referred to as NOBE). While other investors shied away from the potentially difficult conversion project, we knew from our experience that this property was an excellent candidate for conversion to a single-family home because it was located in the middle of a quiet residential street and there was no on site parking for a church congregation, so we strongly believed the City and neighbors would be supportive of making it a more suitable property for the street and neighborhood.
Recommendations: Many investors would have torn down the building and built condo units, but we decided to work with the existing structure to create a one-of-a-kind nearly 4,000 square foot "bohemian industrial" home that would appeal to buyers looking in the area. We knew 4,000 SF might be too big for one family, so we also created an au-pair suite for extended family, that was also suitable as a large home office suite for the work-at-home tech buyer.
Result: We developed a press release and performed an extensive public relations campaign to raise awareness about this very special property. Our efforts resulted in media coverage in major Bay Area media outlets such as KTVU FOX 2 news, SF Gate and SF Curbed. After 12 days on the market, the former-church received 17 offers. It was purchased for $325,000, listed for $895,000 and sold for $1,550,000.
Case Study 3: Rockridge Record-Breaker
Background: Our client contacted us to sell his Rockridge home which he had purchased in 2007. It had been tenant occupied for the last several years and was outdated. As-is value of the property was approximately $950,000, which would have been a break-even sale for the client.
Recommendation: Because the property was located in Rockridge, the most desirable neighborhood in Oakland, we knew investing in its condition prior to sale would provide our client with a solid return on his investment. Based on our knowledge of buyer's preferences and our goal to provide our client with the highest ROI possible, we developed a renovation plan and budget.
Result: Our client invested approximately $175,000 in the renovation. Within 12 days on the market, he received 30 offers for the property, which sold for a record-breaking $1.5M ($1,073 per square foot) and provided him an ROI of over 300%.