In many cases, our multi-unit investment property owners look to add value to their individual units and properties over time, and as their budget allows. Our coordination of updating and rehab services can increase rents significantly, and in turn, value of your property. In the case of this Lincoln Park 4 unit investment property, CL3 began management late in 2021. At the time the total rents for the four units was approximately $8000 per month. In taking over the building, CL3 was able to increase and stabilize rents by 14% without any significant updates after 1 year. In 2025, long term tenants moved out of one of the 3 bed 2 bath units presenting the opportunity for a rehab. The unit was very dated and in bad condition with the former tenants paying $2450/mo. CL3 coordinated a rehab and updating of the unit which included a new kitchen, two new baths, plus refinished hardwoods on the main level and new premium vinyl flooring in the lower level. After the rehab, rent was increased to $3900/mo representing a nearly 60% increase from the previous rent. Now 4 years later, with only one unit significantly rehabbed, the overall rents in the building have been increased over 50% since 2021. This success story represents a great example in identifying ‘value add’ opportunities during normal turnover transitions, while responsibly increasing rents to market rates where possible for existing units.
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