Gray Property Group has completed its renovation of two triple decker buildings totaling 6 apartments: 283 East High Street in Manchester and 71 Front Street in Pembroke. Nick Gray assisted the now owner with his purchases of the buildings in early 2022 and our management team oversaw renovations of the properties in a staged approach from Summer 2022 to early 2023.
Throughout these renovations, Gray Property Group eliminated all deferred maintenance at the buildings and transformed the apartments to include stainless steel appliances, brand new cabinets and countertops, vinyl plank flooring, fresh paint, and modern bath fixtures. This work created safe, quality apartment homes that now achieve rents in the $1,700 to $2,000/month range. These rents enable cash returns above 12% for the owner and are still affordable for working middle class households.
Projects like these are great examples of how Gray Property Group is truly a full-service multifamily real estate firm. We can provide a multifamily investor expert guidance in the purchase of a property, skilled project management for a building renovation, low hassle monthly management, and eventually a top dollar sale. Gray Property Group looks forward to future opportunities to help even more multifamily owners, all while better serving tenants and raising the standard in Granite State housing.