Hillcrest

This property was originally built in 1909, with the back house in place. The front house was added in the 1950s. At one point, the back house was likely the shopkeeper’s residence, while the front house served as a retail business.

When we purchased the property, the front house was being used as an Airbnb, generating approximately $1,800 per month, while the back house was a long-term rental bringing in $2,200 per month. The back tenants remained for 18 months after our purchase.

We terminated the Airbnb rental and fully renovated the front house, replacing all electrical, plumbing, drywall, and other components, except for the structural framing. After the back house tenants moved out, we took that unit down to the studs, replacing the drywall, renovating the kitchen and bathrooms, and upgrading all major systems, including HVAC, plumbing, and the main sewer line to the street, along with all vent lines.

The landscaping was completely removed and redesigned, splitting the property into two separate yards—one for each house. We added significant flatwork, built concrete retaining walls around the backyard for planters, and planted 65 palm trees, accompanied by outdoor and uplighting for the plants.

This project involved a full systems overhaul, including electrical meters, plumbing, and everything else, ensuring that all upgrades were completed while the property was vacant rather than dealing with piecemeal repairs in the future.

Future Plans
The 8,000-square-foot parcel is slated for redevelopment into a mid-rise building with podium parking.

Historic Review Process
To complete the renovations, we were required to undergo a 145-page historic review, which took six months and cost $15,000 through a consulting agency.

Financials
Purchase Price: $1,350,000
Renovation Budget: $225,000
Current Estimated Market Value: $1,800,000