Location

EXECUTIVE SUMMARY:

New Amadore is a handsome, mid-rise building with 63 unique units. It was constructed in 1929 and possesses exceptional charm as a result of its original architecture, including a historic look and feel – from the original parquet flooring to the art deco door knockers. The building contains a balanced unit mix of spacious studios and one-bedroom units, plus one two-bedroom unit.

Significant improvements have been made in recent years; new energy efficient windows have been installed, replacing 281 original single-pane windows, and the boiler system has seen capital improvements in recent years. Amenities at the property include an attached parking garage, courtyard with community garden, on-site laundry, vending machines, and tenant storage.

Currently New Amadore is operating at 82% physical occupancy (historically closer to 90%). New Amadore presents itself as a value-add opportunity where a new investor can grow the NOI by utilizing aggressive management to increase the rental rates and the occupancy, as the property is performing below market occupancy levels and rental rates.