Vacancies

"Production Solves All Problems."

This is a concept that my uncle drilled into my head over and over again when I worked with him during college. And to be honest, I did not fully grasp the concept at the time. (It wasn't until I had a business of my own--my own "production"--that I finally "got it".

My units look the way they do mainly because I am an bizarrely productive person who also happens to think long term. I look at every repair as an opportunity to upgrade the property (or the unit) in order to add more value for the tenant--which ultimately adds more value to my bottom line. Why?

Because better units = more applicants to choose from + happier tenants = lower turnover = more rent = higher profits. I am not an altruist--I am an objectivist in the purest Ayn Randian sense of the word. And I am more than happy to do upgrades that are both good for me AND good for the tenant--because in the end, we both win.

In the Houston market for example, if you pull out the crappy old window units and put in central air conditioning, you will increase the average rent for your units by at least $100/month. (The new central air will cost you about $3500 per unit.) So, in 35 months you're at break even. After that, as the landlord, you're making an extra $100/month on that unit. Further, the average electric bill for that same unit will be 50% less with central air than a window unit--which is better for your tenants--and better for the environment. So WHY are there so many vintage apartments inside the loop that STILL have window units???

It's such a win/win scenario that I'm really surprised that more landlords don't "get it". More cash flow coming in at the beginning of every month ("production") = more cash flow left over at the end of the month for problem solving (and upgrades). Since 2001 I have spent over $1.25 MILLION dollars on upgrades & restoration projects at my various properties--without borrowing a single penny. I did it all from cash flow.

The units that appear below are the units that will be coming available over the next 30 to 60 days.

I keep my game pretty tight so normally I do not have many units just sitting empty (unless we happen to be working on a unit). People move out, people move in--so you always have a few days of vacancy here and there (in between tenants). Typically we have most units re-leased before the current tenant vacates, with just a day or two of vacancy in between to make sure that the unit is in tip top condition for the new tenant.

The availability date for each unit is indicated below--along with a contact email for that property. Sometimes the current tenants can move out sooner than the availability date indicated... sometimes not. So if you need to move sooner than the date indicated by the available unit, just let us know the move-in date you need when you email us and we'll check with the out-going tenant to see if they have any wiggle room.

If your ideal or projected move-in date is beyond the availability date below, I'm obviously not going to "hold" this apartment for you without rent. Something else may come up that is available closer to your move-in date, however. So feel free to contact me or--Like / Follow us on Facebook to get instant updates f our availability.

Click the "View Unit Details" link by any property below that you are interested in... then send an email to the address indicated for that property if you would like specifics about upcoming showing dates and times.

(You may also want to check out the Home page for a little background on Medusa Properties and how we roll.)

IF THERE IS NOTHING BELOW THIS SENTENCE THEN WE ARE 100% FULL AT THIS TIME. PLEASE CHECK BACK LATER. :)



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Liberty Park * Victorian Duplex (SLC, UT)
1372s300e@medusaproperties.com

This duplex was originally built as a single family home back in the late 1800s by the city's first fire chief. It was subsequently split into TWO units sometime around the 1940s.

The upstairs is one unit. The downstairs is another unit. Both units have:

- Tall ceilings.
- Original fir hardwood floors.
- Lots of large windows.
- 1/4 acre lot (twice the size of a normal city lot).
- Large rose & vegetable gardens + fruit trees (plum, apple, pear, peach, apricot, cherry).

Old houses like this have a ton of charm and character... but they may also be a little drafty in the winter and the floors may creak a bit. Nothing in life is perfect. For me the trade-offs have always been worth it: aged wood floors, wavy window glass, rich soil under your feet. Some folks get it. Others are better suited for shiny, happy, econobox living with carpet, vinyl, and plastic. Such is life.

Pet policy for this building: Cat(s) or small to medium dog allowed in the downstairs unit. Cat(s) only in upstairs unit.

The two tenants in this building split the utilities. Gas+Electric+Water+Internet run about $135/month/person (averaged over 12 months). That's pretty darn cheap.

See details below for availability. Click on any thumbnail to enlarge.

Reply to 1372s300e@medusaproperties.com with any questions not covered here on in the postings (Craigslist / KSL).

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1372 south 300 east
Salt Lake City, UT 84115
(map)

 

 


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Mid-Century Lofts & Flats (Upper Kirby - Houston - TX)
upperkirby5@medusaproperties.com

I rescued this little gem from the chopping block in August of 2006. The tenants had all been evicted... the gas meters had pulled out of the ground & the main lines terminated... and the water to the property had been shut off at the main by the city: the wrecking ball was on its way !

But I felt like she had a lot of life left in her. So I got out the pencil & pad and started sketching. Then I got out the sledgehammer and starting demo-ing. And then I got out my checkbook and started writing checks... very big checks! :)

14 months later the first new tenants started moving in... and I've barely had a single day of vacancy since.

Before I bought the property the building had been owned by the same family since it was built in the late 1940s. The entire street used to have many similar properties on it; all but this one had been torn down over the years. (Well, actually Twin Peaks down the street is actually two fourplexes like this one--combined into one big building--then wrapped in a commercial facade. So, technically, it is an original structure.)

The 70 yr old woman who sold me the property had lived there with her family when she was a child; it had remained in her family ever since. Fortunately for me she had no interest in restoring the building. Getting on in years, she had been living off the rents & letting the property run down for the past few decades... (the classic "slumlord" scenario).

This property is just off Kirby, between 59 & Richmond--making it one of the shortest commutes you will find to just about anywhere in the city. 10-15 minutes from every university and college in town; 5 minutes from the Medical Center; walking distance to River Oaks, Greenway Plaza, movie theaters, shopping, and many great restaurants. (Japon & Miyako are both across the street... mmm... sushi!) (Haven, a new, mulit-million $$$, "green" / "farm to table" restaurant went in next door a couple of years ago.

The property has six units total: four larger one bedrooms in the main building (two lofts and two flats) and two one bedroom apartments over the garage.

The look inside is 50/50 "vintage/modern"--but definitely not "traditional", "contemporary", or any other easy / predictable style. I guarantee that you will not find ANY units at ANY property, in ANY price range that have the kinds of fixtures and finishes that I have in these units. I did not have a budget when I restored these units. I just did what needed to be done--and used materials and processes that would last a lifetime. Steel. Wood. Glass. Brick. Stone. Cement. The basic elements.

The two lower units in the main building (#1 & #2) have stained concrete floors & very large private patios in the front. The two upper units are all hardwood floors with nice private decks off the kitchen. The baths & kitchens are all completely custom & high-end with stainless steel appliances from Bosch (dishwashers), Siemens (dual fuel ranges), GE (microwaves fridges & washers & dryers) + natural stone counters, and built-in / under-counter laundry. Overall the look is very modern but with a shout out to the building's 1940s pedigree.

*****

(Project Resources)
- M&M Lighting - fixtures & fans
- Thorntree - natural stone (Quartz countertop material)
- Detering Company - trim, moulding, doors, & windows
- Custom Precision Stainless - custom stainless sinks, sink bases, shelving, etc
- Montalbano Lumber - misc building materials
- DalTile
- West End Roofing
- Ferguson Plumbing Supply
- Custom Cabinets Houston (www.custom-cabinets-houston.com)
- EnergyGuard - expanding foam insulation

For more details about these units send an email to:

upperkirby5@medusaproperties.com

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Algerian Way
Houston, TX 77098
(map)

 

 


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1930s 5-PLEX * INNERLOOP (Houston, TX)
linwood5@medusaproperties.com

Meticulously restored 1930s fourplex + garage apartment near the Eastwood area of downtown Houston, inside the 610 loop.

All units are 1 bed / 1 bath flats with hardwood floors, central air & heat, vintage style kitchens with high-end, full-size appliances, and vintage style baths with pedestal sinks, subway tile, overhead rainshowers, etc.

This property recently underwent a $230,000 restoration from the foundation to the roof. Though the "look" is vintage and period correct, the mechanicals (plumbing, electrical, hvac) are all new.

The Eastwood area is an up-and-coming, hike and bike friendly, vintage neighborhood just east / southeast of downtown Houston with many original properties built from the early 1900s thru the 1940s. Super short commute times to downtown Houston, both University of Houston campuses, the Medical Center, Rice University, etc--but about 15-20% lower rents than my properties in Montrose, the Heights, Upper Kirby, etc. Same era architecture, same quality restoration... just cheaper dirt (and therefore, more affordable rents).

The city is currently working on a new light rail line connecting the East End to downtown (and thus, the Medical Center & Rice University). This property is two short blocks from this new line. (More info & maps of line here: http://www.gometrorail.org/go/doc/2491/406635/ )

More info about the area:
http://eastwoodcivicassociation.org/
http://www.greatereastend.com/
https://www.facebook.com/EastwoodCivicAssociation

Project Resources: Olshan (framing, roofing, & sheetrock materials), Bison (doors, trim, moulding), Chesley (plumbing supplies), Crawford (electrical supplies), Custom Cabinets Houston http://www.custom-cabinets-houston.com/ (all interior cabinetry & trim work), Houston Hardwood Floors, Thorntree http://www.thorntreeslate.com/(slate countertops), Custom Precision http://www.cpsminc.com/ (custom stainless sinks)

Click on thumbnails below to see full size images.

Shoot email to linwood5@medusaproperties.com with questions or to find out about upcoming vacancy.

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Linwood
Houston, TX 77011
(map)

 

 


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