New Amador Apartments 518 Thompson St

New Amadore is a handsome, mid-rise building with 63 unique units. It was constructed in 1929 and possesses exceptional charm as a result of its original architecture, including a historic look and feel, from the original parquet flooring to the art deco door knockers. The building contains a balanced unit mix of spacious studios and one-bedroom units, plus one two-bedroom unit. We feel this unit mix is favorable for the renter profile of the downtown market plus the potential medical student market to be captured, as described within.
New Amadore is outfitted with Landlord-paid, hot-water baseboard heating system and the tenant-paid electricity is separately metered. Significant Cap Ex has been done in recent years including; new energy efficient windows have been installed, replacing 281 original single-pane windows. The boiler system has seen capital improvements in recent years. Amenities at the property include an attached parking garage, courtyard with community garden, on-site laundry, vending machines, and tenant storage.
Currently New Amadore is operating at 82% physical occupancy (historically closer to 90%). New Amadore presents itself as a value-add opportunity where a new investor can grow the NOI by utilizing aggressive management to increase the rental rates and the occupancy, as the property is performing below market occupancy levels and rental rates.