Increased rents -
New quartz or granite counter tops will allow the typical multi-family property owner to increase rents $75 to $200 dollars per month (depending on market and existing state of the property) for each and every unit. Not only will this improve your CAP rate, but it also means that upgrading to granite typically pays for itself in four months or less. Speaking of increased CAP rates... New granite counter tops and sinks will significantly increase the value of your property. If you are planning on refinancing for a cash distribution, there is no better time to upgrade your counter tops to granite than now. Resurfacing: A waste of money - Besides the fact that it looks cheap, smells bad and isn’t durable, resurfacing your existing laminate counter tops usually costs between $175 and $250 dollars each treatment. Let’s say that your property’s annual turnover ratio is 60% (national average), and you resurface the counter tops before each new tenant moves in. That means year after year, you are losing between $100 to $150 for every door you own . . . a huge waste of money. Granite is a one-time investment that has no recurring annual costs and will last for the next 20+ years. Not to mention the fact that it looks great, is durable, attracts a higher grade (and more reliable) tenant that can afford higher rent. And . . . it doesn't smell bad. |
Upgrade your sinks and faucets at the same time -
Nothing looks more dated and devalues your property more than those hideous drop-in stainless steel kitchen sinks that were installed in almost every apartment over the last 40 years. New granite allows you to update with beautiful hand-made stainless steel under-mount kitchen sinks (click here to see), as well as stylish under-mount ceramic bowl in the bathrooms. New granite also allows you to upgrade to a single hole faucet, which is a much more current and desirable look. As a bonus to our customers, we offer manufacturer direct pricing on sinks and faucets, prices that are a fraction of what the big box stores charge, plus you will save significantly on installation costs due to . Improve the desirability of your units resulting in better close ratios and fewer vacancies: Let’s face it, the public expects that all Class A properties have quartz or granite counter tops. Most Class B properties have them too. If you’re upgrading your units and not upgrading the counter tops you’re kidding yourself if you think your property will compete with other Class A and B properties in your market. |