{"id":524,"date":"2023-06-30T03:51:55","date_gmt":"2023-06-30T03:51:55","guid":{"rendered":"https:\/\/rollingrookcapital.com\/wp\/?p=524"},"modified":"2026-02-04T15:35:12","modified_gmt":"2026-02-04T15:35:12","slug":"the-corona-apartments-deal","status":"publish","type":"post","link":"https:\/\/rollingrookcapital.com\/wp\/?p=524","title":{"rendered":"The Corona Apartments Deal"},"content":{"rendered":"\n<p>Hey! If you\u2019re intrigued to delve deeper into Rolling Rook Capital and the team of veterans who embarked on a real estate journey to deliver robust returns backed by tangible assets, we extend a warm invitation to <a href=\"https:\/\/rollingrookcapital.com\/wp\/?page_id=101\">subscribe to our newsletter<\/a>. Your interest in understanding who we are and the fundamental values that drive our business is highly appreciated. We look forward to connecting with you and sharing more about our passion for real estate investing and commitment to prioritizing the best interests of our valued investors.<\/p>\n\n\n\n<p><em>Fortify Your Future!<\/em><\/p>\n\n\n\n<p class=\"has-text-color has-large-font-size\" style=\"color:#00153d\">The Deal<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Location: Dayton, Ohio<\/li>\n\n\n\n<li>Purchase Price: $280,000<\/li>\n\n\n\n<li>Size: Multifamily (Four Units)<\/li>\n\n\n\n<li>Age: 1945<\/li>\n\n\n\n<li>Financing: Private Loan <\/li>\n\n\n\n<li>Current Gross Income: $2,550\/mo<\/li>\n\n\n\n<li>Expected Gross Income: $3,050\/mo<\/li>\n\n\n\n<li>Comparable Value: $315,000<\/li>\n<\/ul>\n\n\n\n<p class=\"has-text-color has-large-font-size\" style=\"color:#00153d\">Operational Plan<\/p>\n\n\n\n<p>Upon initial analysis, we discovered that this property fell slightly below our ideal size criteria for investment. As a result, we decided not to involve additional investors or raise capital, aiming to protect returns. Our long-term business plan involves focusing on self-storage facilities in B-C class markets, where we will bring in investors.<\/p>\n\n\n\n<p>The operational plan for this property includes assessing the current tenant situation. We found that rents were significantly below market value, so after the purchase, we immediately raised the rents to align with market rates, resulting in an additional $500 per month in gross income. The property also features coin-operated laundry, adding to our revenue streams.<\/p>\n\n\n\n<p>The short-term rental strategy aligns with current market trends in Dayton, where there is strong demand from professionals, traveling workers, and short-term residents seeking flexible housing. Our analysis indicates that short-term rentals generate higher month-to-month cash flow compared to traditional long-term leases. To meet this demand, the units have been furnished with amenities designed for short-term guests and listed on platforms such as Airbnb and VRBO. Minor cosmetic upgrades including cabinetry, flooring, and paint were completed to enhance marketability. All furnishing and renovation costs were fully incorporated into the initial underwriting.<\/p>\n\n\n\n<p class=\"has-text-color has-large-font-size\" style=\"color:#00153d\">The Market<\/p>\n\n\n\n<p>The Dayton Market boasts an abundance of hospitals, several colleges, and military installations in close proximity. Moreover, Dayton is conveniently located within driving distance of major cities across Ohio. Compared to surrounding tertiary markets, Dayton demonstrates favorable job growth and economic stability, promising high occupancy rates in the future.<\/p>\n\n\n\n<p class=\"has-text-color has-large-font-size\" style=\"color:#00153d\">Financing<\/p>\n\n\n\n<p>While we faced challenges with bank financing at the last minute, we secured an internal private loan from one of our partnership members. This loan has an interest-only structure for the first year. Our plan is to refinance the property within the first year, allowing our partner to withdraw their capital from the deal. Furthermore, each partner contributed a percentage of the remaining down payment at the closing table, successfully finalizing the deal.<\/p>\n\n\n\n<p class=\"has-text-color has-large-font-size\" style=\"color:#00153d\">Conclusion<\/p>\n\n\n\n<p>Though smaller than our ideal investment criteria that we would like to bring to investors, this investment aims to refine our operational processes required to conquer larger acquisitions. Through meticulous analysis, strategic planning, and innovative financing, we look to maximize the potential of this investment.<\/p>\n\n\n\n<div class=\"wp-block-buttons has-custom-font-size has-small-font-size is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-6aafc80e wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-25\"><a class=\"wp-block-button__link has-background has-custom-font-size wp-element-button\" href=\"https:\/\/rollingrookcapital.com\/wp\/?page_id=101\" style=\"border-radius:10px;background-color:#00153d;font-size:17px;font-style:normal;font-weight:700\" target=\"_blank\" rel=\"noreferrer noopener\">Subscribe<\/a><\/div>\n\n\n\n<div class=\"wp-block-button has-custom-width wp-block-button__width-25\"><a class=\"wp-block-button__link has-background has-text-align-center has-custom-font-size wp-element-button\" href=\"https:\/\/rollingrookcapital.com\/wp\/?page_id=101\" style=\"border-radius:10px;background-color:#00153d;font-size:17px;font-style:normal;font-weight:700;letter-spacing:0px\" target=\"_blank\" rel=\"noreferrer noopener\">Invest With Us<\/a><\/div>\n<\/div>\n\n\n<div class=\"aligncenter wp-block-site-logo\"><a href=\"https:\/\/rollingrookcapital.com\/wp\/\" class=\"custom-logo-link\" rel=\"home\"><img loading=\"lazy\" decoding=\"async\" width=\"196\" height=\"196\" src=\"https:\/\/rollingrookcapital.com\/wp\/wp-content\/uploads\/2023\/06\/cropped-RRC-Logo-00153D.png\" class=\"custom-logo\" alt=\"Rolling Rook Capital\" srcset=\"https:\/\/rollingrookcapital.com\/wp\/wp-content\/uploads\/2023\/06\/cropped-RRC-Logo-00153D.png 500w, https:\/\/rollingrookcapital.com\/wp\/wp-content\/uploads\/2023\/06\/cropped-RRC-Logo-00153D-300x300.png 300w, https:\/\/rollingrookcapital.com\/wp\/wp-content\/uploads\/2023\/06\/cropped-RRC-Logo-00153D-150x150.png 150w\" sizes=\"auto, (max-width: 196px) 100vw, 196px\" \/><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>Hey! If you\u2019re intrigued to delve deeper into Rolling Rook Capital and the team of veterans who embarked on a real estate journey to deliver robust returns backed by tangible assets, we extend a warm invitation to subscribe to our newsletter. Your interest in understanding who we are and the fundamental values that drive our [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":947,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[12],"tags":[],"class_list":["post-524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-past-deals"],"_links":{"self":[{"href":"https:\/\/rollingrookcapital.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rollingrookcapital.com\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rollingrookcapital.com\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rollingrookcapital.com\/wp\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/rollingrookcapital.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=524"}],"version-history":[{"count":6,"href":"https:\/\/rollingrookcapital.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/524\/revisions"}],"predecessor-version":[{"id":1016,"href":"https:\/\/rollingrookcapital.com\/wp\/index.php?rest_route=\/wp\/v2\/posts\/524\/revisions\/1016"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rollingrookcapital.com\/wp\/index.php?rest_route=\/wp\/v2\/media\/947"}],"wp:attachment":[{"href":"https:\/\/rollingrookcapital.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rollingrookcapital.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rollingrookcapital.com\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}