A few weeks ago we showed you what “value-add” really looks like, using Unit 6 at 228 Main St as the example. It was a worn-out apartment that we took back to the basics and rebuilt.
Here’s how that turned out: Unit 6 was rented before the work was finished, and the tenant moved in within days of the crew wrapping up. No long vacancy and no months of listing. The unit started producing income almost as soon as it was done.
Now the second apartment on this block is finished. 240 1/2 Main St, above the storefront at 240 Main, is renovated and available to rent.
What Went Into 240 1/2
The same local crew handled this one, and it needed more than Unit 6 did behind the walls.
- Kitchen: new cabinets and hardware, countertops cut on site and stained twice then sealed, a new refrigerator, dishwasher, and gas range on a new gas line, plus a new sink, faucet, drain lines, and overhead vent
- Bathroom: tub and shower torn out, re-plumbed with a new valve, and retiled; new toilet on a repaired flange, new faucet, mirror, light, and exhaust fan
- Electrical and safety: new outlets, switches, and plates throughout, new light fixtures, a ceiling fan, and new smoke/fire alarms
- Finish work: new flooring and transitions, fresh paint on every wall, ceiling, door, and stairway, new baseboards, door knobs, closet rods, and blinds
- Behind the walls: water leaks traced and repaired, plumbing fittings above the storefront fixed, and the water heater brought back to proper working order
Quality Home Locator, which manages the property, has the full room-by-room list along with showing details.
Why the Hidden Work Matters to Members
That last bullet is the one we’d point an member to. A leak between an upstairs apartment and a storefront is the kind of problem that turns into a ceiling repair, an unhappy commercial tenant, and an insurance claim if nobody catches it. Fixing it now protects two income streams at once: the apartment above and the commercial space below.
That’s the value-add model in short. Fix it right once, then collect steady rent instead of repair bills. It’s also why every purchase and labor day on this project went into our books as it happened, the same way we handle monthly accounting for every property.
The Bigger Picture: A Mixed-Use Block
Upstairs apartments are half of this building’s story. The other half is street level. Main Street still has commercial units ready for new businesses, which Quality Home Locator detailed in Now Available: Two Commercial Spaces on Main Street in Decatur.
Filled storefronts help the apartments above them, and renovated apartments help the storefronts below. Residents become customers, and businesses give residents a reason to love where they live. The City of Decatur and its partners support this too, with programs that can help new business owners with some of their startup costs, including matching façade grants, small business loans through the Community Investment Corporation of Decatur, and an Enterprise Zone sales-tax break on building materials. As the property owner, BACH can work with a qualified commercial tenant on programs that require the owner to apply.
Our founder explains why he took on this building in I Didn’t Just Buy a Building, I Solved a Problem. He also wrote about the Main Street revitalization happening around it.
Get Involved: Contact Us
- Members: You can own a share of Decatur properties like this one without hiring a crew or screening a tenant. See why passive real estate investing with BACH is a smarter way to build wealth and how to invest. Then contact us.
- Business owners: Interested in a Main Street storefront? Reach out and we’ll connect you with Quality Home Locator and talk through the City programs that may help.
- Renters: 240 1/2 is available now. .
