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Case Study

255 Main Street

Multi-Family Redevelopment

Acquired in 2021, 255 Main is a 20-unit off-market acquisition fully redeveloped and stabilized within 18 months.

  • Location
    Corinth, NY
  • Acquisition Date
    2021
  • Purchase Price
    $1.125 Million
  • Total Project Cost
    $1.8 Million
  • Present Value
    $2.745 Million
  • Equity Created
    $945,000

Investor Outcomes
3.1x Equity Multiple
166% Capital Return
∞ Cash-on-
Cash
Opportunity

01

An Off-Market Find with Significant Upside

255 Main Street was sourced entirely off-market through Green Springs’ direct mail campaign — never listed, never shopped. The 20-unit property in Corinth, NY had suffered years of deferred maintenance, hadn’t seen a meaningful renovation in decades, and carried rents well below $1,000 per month. Priced to reflect its condition, it represented exactly the kind of overlooked asset Green Springs is built to find.

We saw an opportunity to fully redevelop and reposition the property from the ground up — resetting both its physical condition and its place in the market.

  • Sourced off-market through direct mail campaign
  • 20 units with significant rent growth potential
  • Decades of deferred maintenance suppressing value
  • Priced well below redevelopment potential
  • No competition — deal never hit the open market

Exterior Rendering

Exterior

Living Room Rendering

Living Room

Kitchen Rendering

Kitchen

Kitchen

Bathroom Rendering

Bathroom

Bedroom Rendering

Bedroom

    Floor & Building Plans

    The Strategy

    02

    Full Redevelopment Across Four Pillars

    Rather than pursue phased improvements, we executed a comprehensive redevelopment strategy designed to fully reposition the asset, turn over the tenant base, and stabilize at market rents within 18 months.

    Off-Market
    Acquisition

    Sourced through Green Springs’ proprietary direct mail program, the property was acquired before it could reach the open market — securing a basis well below market value.

    Full Unit
    Redevelopment

    Every unit was fully renovated, resetting the property’s condition and market position from the ground up rather than patching a declining asset.

    Tenant Base Repositioning

    The existing tenant base was turned over entirely through a structured process, including evictions where necessary, to allow full redevelopment and re-leasing at market rents.

    Refinance &
    Capital Recycling

    Following stabilization, a refinance was executed against the property’s redeveloped value — returning investor capital and locking in long-term equity in the asset.

    Execution

    03

    Zero to 100% — Built Back From the Ground Up

    The central challenge of 255 Main Street was one of sequencing: bringing a fully occupied 20-unit building to 0% occupancy, executing a complete unit-by-unit renovation, and rebuilding to 100% stabilized occupancy — all within an 18-month window.

    Green Springs managed the full transition in-house — coordinating tenant turnover, construction sequencing, and lease-up simultaneously. A small number of problem tenants required formal eviction proceedings, which were handled efficiently without derailing the broader project schedule. By maintaining disciplined construction and leasing timelines, the team achieved full stabilization within the target window and handed the asset off to Green Springs Property Management for long-term operations.

    Before & After

    The Transformation

    Drag to compare the property before acquisition and after redevelopment.

    The Results

    04

    $945,000 in Equity Created

    Upon stabilization, the property was valued at $2.745 million — representing $945,000 in equity creation against a total project cost of $1.8 million.

    • 166% of capital returned
    • Infinite cash-on-cash position following refinance
    • 3.1x equity multiple to date

    Following refinance, limited partners hold an infinite cash-on-cash position — continuing to receive distributions with zero remaining capital at risk. 255 Main Street demonstrates Green Springs’ ability to identify off-market opportunities, execute full-scale redevelopment under compressed timelines, and deliver outsized returns in markets others overlook.

    The Interior
    Renovation-Driven Repositioning, Unit by Unit
    • Kitchen
    • Bathroom
    • Livingroom
    • Bedroom

    Kitchen

    Each unit features a fully renovated kitchen with stainless appliances, modern cabinetry, and quality finishes — designed to attract and retain quality long-term tenants and support premium rental positioning within the submarket.

    Bathroom

    Each bathroom was fully gutted and rebuilt with clean, contemporary finishes — new tile, updated fixtures, and modern vanities designed to meet tenant expectations and support premium rental positioning.

    Living Room

    Open, light-filled living spaces were redesigned to maximize functionality and appeal — creating an environment that attracts quality long-term tenants and reduces vacancy exposure.

    Bedroom

    Bedrooms were updated with fresh finishes, quality flooring, and thoughtful layouts — balancing tenant comfort with the durability required for long-term asset performance.

    Investor Impact

    05

    Capital Preserved. Upside Retained.

    Through disciplined execution and a structured refinance strategy, investors achieved full capital return while retaining equity exposure to the asset’s long-term performance.

    Preserved capital. Ongoing upside participation. Structured value creation.
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