Turning Rust Belt Roots into Revenue: The 110 W Ridge Street Transformation
When we closed on 110 W Ridge Street on September 22, 2023, it was a tired 9-unit multifamily portfolio in Lansford, PA. We paid $340,000 for three parcels housing six one-bedroom units, one oversized two-bedroom, a sprawling four-bedroom, plus a tenant-run barbershop.
At the time, the property was generating roughly $6,390/month in rent (60% of today’s rents) for a $76,680 annual gross income. The old paint was peeling, windows were drafty, kitchens and baths were original 1970s stock, and curb appeal was all but nonexistent.
Investment & Renovation (Sept 22–Dec 31, 2023)
Over the next three months, we committed $400,000+ to breathe new life into the building and the neighborhood around it:
Full gut-renovations of kitchens (new cabinets, granite counters, stainless appliances) and bathrooms (modern vanities, lighting, fixtures)
Fresh hardwood flooring, carpet, paint, trim, and 25+ new windows for energy efficiency and light
All-new plumbing, electrical, and water heaters for reliability
Brand-new façade, roof, rear decks, and balconies to boost curb appeal
A complete interior/exterior refresh that turned a declining asset into a community cornerstone
The Results Today
– Listed Value: $1,000,000 (vs. $340K acquisition)
– Current Rents: $10,650/month ($127,800 annual gross)
– Net Operating Income: $109,272/year (after expenses)
– Implied Cap Rate on Renovated Basis: ~14.7%¹
– Occupancy: Near 100%, with all-new, clean, long-term tenants
Local comparables are appraising between $120–$175K per unit, and the nearby St. Luke’s Hospital expansion continues to fuel demand. What was once a fading asset is now a recession-resistant income generator and a shining example of how disciplined value-add investing creates both community impact and investor returns.
Ready to see how LVPE Fund can apply the same disciplined, data-driven approach to your portfolio? lvpefund.com/questionnaire