"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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|Turn-of-the-Century Mansion (now 6-plex) - (Avenues - Salt Lake City - UT)
Built in 1905 as an enormous single family residence, this classic Avenues mansion was converted into 6 large units at some point over the past 100 years.
My aim when taking on these projects is not to "remodel" these old buildings but to restore them. This may seem like the same thing to a layman but if you have ever sunk your teeth into a 100 yr old building, you understand the difference. (And if you have been looking at apartments in the Aves for very long you will definitely SEE the difference in these units.)
Restoration involves stripping off years of cheap, ill conceived & trendy "updates", poorly done repairs ("handy man" specials), pulling off the old doors, moulding & hardware, stripping off the many, many coats of paint & flooring--the tacky finishes du jour that have been grafted onto the building over the years, upgrading the infrastructure (plumbing, electrical, HVAC)--then put the old doors, fixtures, moulding, and hardware back on.
Invariably some of the original fixtures have been damaged or lost. So that takes me to places like Georges Architectural Salvage to track down replacement doors, knobs, and fixtures.
As you can imagine, this process takes a LOT of time and energy--and of course, plenty of cash money. But the end result is the essence of what makes these old buildings so much more liveable than most of what's been built after the 1940s: original hardwood floors from old growth forests, tall ceilings, big windows with the original art glass, subway tile & mosaic floors, cast iron fixtures, claw tubs. In a word: Vintage.
Another great feature of this building is the original wrap-around front porch--great for chilling out and watching the world go by, studying, surfing the web, or just practicing your bongos or guitar (as a former tenant, Josh, was fond of doing).
There is also plenty of extra storage space in the basement for bikes, kayaks, ski & snowboard stuff, camping gear, suitcases, boxes, seasonal items, or that ugly lamp that you just cannot seem to part with. (Each tenant gets their own dedicated area in the basement and we have never run out of space--it is a BIG basement.)
For the eco friendly tenant the city bus stops right out in front for easy access to the U of U, TRAX, the hospitals, and downtown SLC. And we have a pretty comprehensive recycling center set up on site--including bins for paper, plastic, & glass.
I have also installed a high speed internet connection in the building for the tenants to share (Ethernet & WiFi)--which saves everyone about $60/month--which is nice. We can all use a little extra coin in the pocket these days!
When I see what else is out there for rent in the Aves it kind of makes me sad. So many landlords buy these great old buildings and "remodel" the history and charm right out of them. They end up looking like the latest Home Depot displays. But the sad reality is that it is easier, faster, and a lot cheaper to go to Home Depot and buy junk fixtures & plastic "laminate" floors than it is to spend a month on your hands and knees stripping off paint, and scraping and sanding on the orignal hardwood floors. But man, once you get through the four layers of linoleum and tar paper, and you smell that virgin fir that was hand felled and hand milled by the Pioneers... and a big drop of sweat slips off your brow and hits the floor and soaks in and you know it is gonna be there for another 100 years... man, that's something.
- LeDel Pace Plumbing
- Jean Flesher Construction
- Daltile & Contempo Tile
- Kingdon Sheet Metal
- Glidden Professional Paints
- Georges Architectural Salvage
- Rich Heating & Air
So, click on any thumbnail below to see the full sized pic and shoot me an email if you like what you see.
See individual units below for appropriate contact email for that unit.
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3RD AVE @ N ST
SLC, UT 84103
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|1930s 5-PLEX * INNERLOOP (Houston, TX)
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:
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 firstname.lastname@example.org with questions or to find out about upcoming vacancy.
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Houston, TX 77011