Norton Property Services (NPS) is a corporate housing company located in Cary, NC part of the Triangle area of Raleigh-Durham which has been voted 1 of the best places to live in the US. NPS provides upscale, fully furnished apartment homes and makes them available on short term leases. Its not the airbnb model... the average stay is 90 days with a 30 day minimum while keeping vacancy at 3.5%. Companies, families, traveling nurses and more stay with NPS for the 100% complete solution offered and fantastic customer service.
The funding request is to purchase a multifamily property in Cary, NC and create an upscale and completely dedicated corporate housing property. By repositioning the asset from long term tenants to corporate housing, NPS will almost double revenues and raise profits by 35-40% solely from reducing the rental costs and servicing the new debt (principal, interest, taxes and insurance). Current revenues = $36,000 per month.
The owner is a licensed agent, current buy & hold investor and owner of this company with extensive experience in real estate and business transactions.
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