Property Details
Location: 711 – 713 Myrtle Street
Purchase Date: November 21, 2016
Purchase Price: $69,000
Renovation Budget: $47,000
New Assessed Value: $145,000
Property Taxes: Coming Soon!
Tenant Lease: $500 – $695
The Project
Hoffman Development acquired 711-713 Myrtle Street in late November of 2016. We acquired the four vacant units with stories of people living in the basement to escape the cold and conducting inappropriate behavior. As with all our properties we immediately, secured the building to eliminate any such behavior. Our construction team came in, designed the outline of the units and completely rehabbed the entire building. The total rehab took approximately three months. Within weeks of completion, we had professional tenants in the building completely changing the landscape of the property and the neighborhood.