Aesthetics and Design
Nessel does not have a cookie-cutter approach to our renovations. Each deal has a different situation in terms of age/style, rehab budget, floorplan sizes/layout, existing amenities, property layout/size, and target renter. We take all of these into account in coming up with our plan. We then go through our considerable list of already tested renovation ideas, as well as our files of photos of rehab ideas (from hotels to retail to high-rises) to come up with the look we are shooting for. The final product demonstrates great care and thoughtfulness, as well as cost consciousness. Nessel focuses particularly on under-utilized property spaces, which can be used for business centers, kids clubs, playgrounds, exercise rooms, clubrooms & apartments. Our signature amenities include dog parks, life-size chess sets, tanning beds, billiards rooms, business centers, exercise facilities, fire pits, vegetable gardens and common area Wi-Fi. For ambiance, we like to strategically place statues, water fountains, color LED lights, barbeques, hammocks and wind chimes through our properties.
A La Carte Pricing
A key ingredient to our success has been a la carte pricing for upgrades. For instance, our base rate for a one bedroom may start at only $500/mo. However, we will charge a premium of $35 for stained concrete flooring, $40 for stainless appliances, $30 for a washer-dryer and $30 for a yard. Soon, a unit that was renting for $0.75/SF is renting for $0.90/SF+. This enables us to attract a wider swath of people who have different cost parameter and allows us to take a somewhat stable property and push rents without pushing out old residents. Further, these add-ons frequently have a payback of 12 months or less.