Commercial Property Management Covina CA – 14 Unit Multi-Family Complex
KNL Group took over the management in September 2017 the property was plagued with unsafe & delinquent tenants, regularly past due rents, much-deferred maintenance, and under-market rents. In the first 90 days, the problem tenants were evicted and 7-10% rent increases were passed along to all tenants. All but one of the tenants remained. 30 months later the monthly rent roll has increased over 30%, with annual rent increases. Deferred maintenance including painting, new lighting, and improved landscaping has been completed along with the remodeling of 4 units.
The value of the property has increased by more than $700,000 allowing the owner to re-finance and pull out several hundred thousand dollars for his next investment. Net change to ownership is a stabilized property and an increase of approximately $50,000 in annual income.