What’s up, everyone? Chris Kennedy here with Mayfair Real Estate, and I’m on site at a building in the Miami Beach Area that one of our clients just picked up. It is definitely an older building, a lot of deferred maintenance, it’s going to be a big project. It’s 28 units in total, but we’re super excited, because this is going to be an awesome project, and we’re going to walk you through every step of the way, show you what we’re doing to renovate this, turn it around, drive up the rents, and create a ton of value for our clients.
All right, so here we are in one of the one bedroom, one bathroom units in this building here in Miami Beach, and as you can see, we’ll take a quick walk around, but there’s a lot of work that needs to be done. A lot of the units are in really rough shape. The investor picked it up for a great price, knowing that we’re going to need to do a lot of work, but we’ll just take you quickly through this unit to give you kind of an overview. We got a pretty good-sized layout, so one of the definite positive things about this building was the size of the units. They’re much bigger than a typical one bedroom apartment in a building this age.So good-sized units, it’s probably around 700 square feet, and here you can see actually demo on this unit has begun. They’ve opened up a wall here, and we’re going to reconfigure the kitchen, and I’ll walk through here, and here, we’ve totally torn out the bathroom already. You can go ahead and take a look inside there.
So we’ve torn out in the bathroom, we’re going to put in a whole new bathroom, walk-in shower, all new fixtures, vanities, tile, et cetera.All right. So here we are in one of the units in this Miami Beach project. This happens to be a one bedroom, one bathroom project, and actually, the demo has already started in here. We wanted to get right to work and start making progress for the investor, but you’ll see it needed a ton of work, and the good thing about these units is they’re actually a good size for a building of this age.
This building was built in the early ’70s, and this one bedroom, one bath unit is about, I would say 700, 750 square feet, and it’s got obviously an older dysfunctional layout that we want to upgrade.So one of the things in these old buildings, a lot of the kitchens are kind of closed in. We like to open those up wherever possible. So we’ve taken out this corner, we’re going to put a breakfast bar so that we open it up to the living space so people can hang out. We’re obviously going to reconfigure the kitchen and the layout of the appliances, put in a brand new kitchen, and we’re working through exactly how we’re going to lay it out, but we’ll give you an update on that when we start working on it.
Okay, so I’m here in the hallway between really the living area, the kitchen, and the bathroom back here. You’ll see we’ve already torn out the bathroom and obviously, we’re going to put in a brand new toilet, vanity unit, retile it, and we’ll probably do a walk-in shower, just because that’s what the market likes right now. Another big value add we’re doing in this unit is actually adding a washer and dryer into the unit directly. That means now the new resident will have laundry in their unit, as opposed to having to go to a laundromat. There’s currently no laundry on-site at this property, so that’s a huge value add.
All right, so here we are in a one bedroom unit that we’ve actually almost completed. There’s some touch-up work and some final details that need to be done in here, but you can see we’ve put in brand new laminate vinyl plank floors, baseboards. We’ve done a two-tone paint color on the walls, put in new air conditioning units, and we’ve obviously upgraded the kitchen, we’ve installed the washer-dryer system here. We’ve put the plumbing and the hookups there, put in a new electric panel, and here is the kitchen. It’s obviously a little dirty and we don’t have the appliances in yet, and we got to get the faucet put in, but you can get the idea.
We’re getting very close to wrapping this up. Another day or so of work, and this should be complete, and we actually already have it leased.So if you all found that video valuable, then I would definitely appreciate a thumbs up, and if you want to go ahead and subscribe to our channel, then you’ll get all of our newest content as it is posted. We put out new videos every single week. I hope they are useful for you, I hope you learn a bunch from them. And if you want to get more information about us, you want to find out what services we offer, get some free downloads and check outother videos, then go over to our website, mayfairre.com. In the meantime, giveus a thumbs up. Thanks so much for watching. Subscribe to the channel, and I’llcatch you on the next one.