411 E Burnett Street
One of our first major upheavals will be renovating this vacant multifamily property in Long Beach. Thanks to the hard work and diligence of brokers from our partner at Centennial Advisers, we were able to get this building as our first undertaking of the year 2021.
Right off the bat you will notice how poorly conditioned the 4-Unit property is. From the landlord down to the tenants, this property wasn't receiving the upkeep that is deserved. The screen door at one unit was so badly mutilated that the entire bottom-right portion of it was completely missing.
The surrounding properties weren't in as bad condition, but we are glad to be in the mix now because this building is in serious need of some love. We sent our photographer to the field and these were some of the images he brought back.
As you can tell from just 5 out of the 85 pictures our photographer took, the property was housing more than just tenants. Mold had developed at all corners of the interior in multiple units. This tells us that we are most definitely going to dabble in some structural refurbishing because mold this bad is an indicator of more serious structural endeavors.
Aside from shattered windows, casual holes in doors and walls, and useless power outlets, the subject property here lacked in one main function—air conditioning. Air flow would have been a hygienic disaster in its current state, but after Home DevCo is through, it should make for some cool and clean summer nights in the near future.
One unique aspect of the property is the garage which will be converted to a studio in order to gain one more tenant into the unit mix. The garage was actually in the best condition when compared to the rest of the building. All the walls were freshly painted and plumbing is already installed, however the main garage door could use replacement.
Ultimately, we got our hands full with this one but it's a doable job that we look forward to sprucing up for resale. Stay tuned for updates and a feature on this before/after of our Burnett Property.