Year In Review
In the last year I expanded Property Improvement Enterprises into a partnership with Rocio Palafox and in February 2020 (at the beginning of the global pandemic) we acquired our largest project to date. We successfully completed it in under 6 months of construction on the Hampton Rd project and we sold it in August for $1,275,000. At the same time we completed Robertson Blvd and Springvale Rd for a total rehabs square foot (SqFt) of 15,566 and after repair values (ARV) of just over $3,000,000 in 2020.
Going into 2021 we have contracts on 7 houses totaling approximately 18,250 SqFt and a projected ARV of $5,265,000 (Market Value) as of March. We are planning on investing over $1,060,000 in labor & materials in the next 6 months. Following are short summaries of each project.
Hampton Rd
After acquiring the property at 11112 Hampton Rd, Fairfax Station, VA 22039 on February 28th, 2020 the company spent approximately $300,000.00 on labor and material in a thorough remodeling that lasted four and a half months following recommended precautions during COVID-19 lockdown given the PIE was classified as an essential residential construction business. The property was put in the market at the end of July and was sold in 10 days for $1,275,000.00.
Kansas Ln
Property Improvement Enterprises LLC acquired the property at 6511 Kansas Ln, Takoma Park, MD 20712 on August 14th, 2020 for $565,000.00. We are planning to spend $150,000, to remodel the existing 2,000 SqFt and adding 500 SqFt for a new kitchen and an owner’s suite. Architectural plans were completed and construction permits were issued in December. We plan to complete the project in May.
Midvale Rd
Property Improvement Enterprises LLC became the General Partner of Midvale Road LLC for the acquisition and development of the property at 11213 Midvale Rd, Kensington, MD 20895 for $400,000.00 on September 15th, 2020. We demolished the existing construction and we are planning on building two new houses of approx. 2,400 SqFt each, investing a total of $800,000.00. Engineering site work is almost complete and permit plans have been submitted to the county for review.
Old Georgetown Rd
Property Improvement Enterprises LLC acquired the property at 8112 Old Georgetown Rd, Bethesda, MD 20814 for $725,000.00 on September 25th, 2020 we are planning to spend $180,000, remodeling the existing 1,000 SqFt and adding 1,000 SqFt for new a owner’s suite and a living room. Architectural plans were completed and permits were issued in December. We anticipate delivery of the house in mid-April.
Millstone Dr
On November 25th we acquired a property at Edgewater MD in which we are planning to add 850 SqFt 2nd level including 3 bedrooms and 2 bathrooms to make it a 2300 SqFt. house. After repairing significant basement water issues we plan to start construction in April.
Victor Ct
Starting 2021, on January 12 PIE bought the Victor Ct property in Silver Spring MD and put it on the market in a record time of 7 weeks with a brand new kitchen, additional bedroom and 3 fully renovated bathrooms.
35th street
In April, 2020 the company got under contract a property in Mount Rainier, MD. The transaction closing is still pending the resolution of a guardianship on the seller side awaiting for a hearing at the Prince George County courthouse, estimated closing by March 2021.
