Small Multifamily
value-add, refinanced, held

What it is

Small multifamily covers 2–4 unit residential properties — duplexes, triplexes, and quadplexes. These assets sit at the bridge between single-family operations and large multifamily acquisitions, offering economies of scale without institutional complexity.

Active in this category includes a triplex in Pennsylvania, with previous exits including a sold triplex. The category is where the multifamily playbook is rehearsed before the 5+ unit acquisitions arrive.

Our approach

• Value-add repositioning. Acquire below market, renovate units, raise rents to market — cash-flow lift built into the deal.
• Refinance to scale. Once stabilized, refinance to recover deployed capital and free it for the next acquisition.
• Conservative hold. Long-term retention for compounding cash flow and equity build.
• Operational consistency. Same tenant management, contractor network, and expense discipline as the SFH portfolio.

Investment criteria

• Asset size: 2–4 units (duplex, triplex, quadplex)
• Markets: Ohio and Pennsylvania primarily
• Strategy: Value-add with refinance milestone post-stabilization
• Hold period: Long-term — 5+ years post-refinance
• Underwriting: Stress-tested cash flow with realistic OpEx ratios

Why we invest here

Small multifamily is the proving ground for multifamily operations. Lessons learned on a triplex translate directly into 5+ unit underwriting. It also delivers strong cash-on-cash returns when bought right and operated well.

Current activity

1 active triplex in Pennsylvania. 1 triplex previously sold. Selective acquisitions continuing as they meet underwriting criteria.