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This 3-family home in Northern New Jersey has been managed for over 10 years with a focus on maximizing profitability, maintaining tenant satisfaction, and minimizing vacancy.
Two units experienced turnover, leading to vacancies.
Maintenance costs were threatening profitability.
Rental rates weren’t keeping up with market trends.
Only one turnover per unit in the past 10 years due to strong tenant relationships, proactive communication, and timely maintenance.
Partnered with trusted contractors to control expenses without sacrificing quality.
Regularly adjusted rents based on market trends, achieving an average annual increase of 2.5%.
2nd Floor (2020): Rent increased from $1,330 to $1,450 post-renovation, and now sits at $1,645 (September 2024). 3rd Floor (2023): Rent increased from $1,065 to $1,525 post-renovation, and now sits at $1,555 (May 2024).
Started renting private parking to the 3rd-floor tenant for $75/month in May 2024.
Renting storage space for $100/month as of May 2024, further increasing revenue.
Significant growth in Net Operating Income (NOI) due to strategic rent increases, renovations, and expense control.
Maintained high occupancy with only one turnover per unit over 10 years.
With projected 2.5% annual rent increases and additional income streams (parking and storage), the property’s profitability continues to improve.
With over 10 years of hands-on experience managing my own multifamily property and a proven track record in consulting and operational services, I help busy professionals unlock the value of their rental properties.
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