2550 Greenway St Token

Overview

2550 Greenway represents RealT’s entry into the great city of Toledo, Ohio! This solid brick multi-family serves the high housing demands of the University of Toledo, which makes it an investment with very solid numbers up front, as well as even higher potential in the near-term.
The 12.07% expected yield on Greenway includes $65,000 budgeted for immediate renovations and improvements to bring the building up to Student-Friendly Housing standards. This includes providing semi-furnished apartments with a desk, dresser, bed, chair, sofa, and wifi. The only serious repairs needed are the hallways and a boiler replacement. RealT also provided a $15,000 maintenance reserve to keep the yield solid.
In the near-term, RealT sees the potential for a rent increase commensurate with their investment in housing standards. Their targeting a bump from $7500/month to $8000+/month, which would bring the expected yield up to around 13.2% — a very good return indeed for this kind of property.