As expected, after 19000 Fenton and 18980 Fenton, we offer you the last property of this lot: 19041 Lenore. With the addition of this property, RealT has tokenized two sides of a full city block, giving us “critical mass” and opening up a lot of possibilities in the area! Every dollar invested in one of the properties will benefit the perceived value of the other properties, and all properties’ tenants will see their lives improved by upgrades to the surroundings (such as parking and greenery).
Lenore is a multi-family residence composed of 20 fully-rented units and 20 parking spaces. Built in 1963, this property is more than a residence, it is a community property, and we can even say now that it’s a community neighborhood. It certainly has an excellent purchase price, low renovations, good tenants, and an attractive expected income structured to offer stable rents month after month, but it also enjoys a community spirit: children play in the courtyard and neighbors have barbecues on Sunday.
By purchasing tokens of this property, investors can diversify their risk due to potential rental vacancies, as 20 units make for a consistent expected rental income – in this case, a solid 11.04%. Lenore has a strong tenant demand, with 3 churches next door (Harvest Christian Church, Redford Church, Westside Bible Church) and a park that starts at Oak Grove (less than a mile from the property) and goes down to Eliza Howell Park. The property is also positioned with easy access to shopping, dining, and commuter routes, which increases quality of life for our tenants. Lenore is also located near the Redford district, chosen by Ford to re-establish a factory.
The property needs a little bit of renovation, and we have budgeted $10,000 as follows:
- $8,000: Parking Lot
- $1,235: Refresh units B16, B18,117, 211
- $765: Repair fascia metal trim at D Side Entry