NOI up 44%. $1.26M in property value created — through management alone.
A 19-unit Corvallis apartment portfolio was running below market, with deferred maintenance, below-market rents, and $18K in uncollected past-due at handoff. Here's what happened after LongStreet took over.
NOI grew from $172,049 to $247,459 — a permanent structural increase.
That's $66,149 in new equity per unit — unlocked through management alone.
Net cash to the owner's account after all operating expenses and fees.
The situation at handoff
When we walked the two buildings in early 2024, the picture was familiar: solid properties, tenanted, but quietly leaking value in every direction that matters.
What we did
The 90-day onboarding focused on three things: stabilize collections, capture the vacant unit quickly, and build a renewal strategy for the 15 leases rolling over in summer 2024.
Rent growth, month by month
The first two months were flat by design — existing leases were honored. The lift began as renewals came up and the vacant Viking Manor unit was filled. By fall 2025, both properties had stabilized at their new market rates.
Combined monthly rental income
May 2024 – April 2026 · source: LSPM owner statements
Note: July 2024 shows an elevated figure on Sheri Lynn due to catch-up payments from the prior PM's past-due balance being collected. Month-to-month variation from June 2024 onward reflects normal collection timing (CC vs. eCheck posting dates) rather than rent changes.
The rent roll was below market, collections were spotty, and we had one unit already vacant. LongStreet had the whole thing stabilized within a quarter and then kept growing the returns every year after.
Where the money went
Over 25 months, $149,965 in operating expenses flowed through to keep both buildings running. The biggest line items tell the story of active management.
Operating expense breakdown — 25-month totals
Full-service management across 19 units
Management fees ran at 5.3% of total collections — lower than the headline 8.95% rate because it's expressed against all cash in (rent + utility reimbursements + ancillary income). On rental income alone, the fee ran right at the contracted rate.
The NOI story — where the real value was created
Rent growth is the headline, but NOI is the number that actually determines what a property is worth. For an investor, the difference between collecting $22K a month and collecting $28K a month isn't 26% more rent — it's an entirely different valuation.
Net Operating Income — apples-to-apples comparison
Annualized · same operating cost assumption both scenarios · isolates the revenue impact
| Line item | Prior PM (baseline) | LongStreet (current) | Δ |
|---|---|---|---|
| Gross scheduled rent | $268,020 | $336,876 | +$68,856 |
| Other income (utility reimb, laundry) | — | $12,716 | +$12,716 |
| Total revenue | $268,020 | $349,592 | +$81,572 |
| (–) Operating expenses | ($71,983) | ($71,983) | — |
| (–) Management fees (8.95% of rent) | ($23,988) | ($30,150) | ($6,162) |
| Net Operating Income | $172,049 | $247,459 | +$75,410 |
Operating expenses held constant at the LSPM 25-month annualized run rate ($71,983/yr) in both scenarios to isolate the revenue impact of management quality. The actual NOI lift could be higher if the prior PM's expense structure was less efficient (which is often the case with third-party vendor markups and slower maintenance response).
Applying a 6% cap rate — roughly the current Willamette Valley small multi-family market — the $75,410 NOI lift translates to $1,256,826 in new property value. That's $66,149 per unit, created entirely through active management. No renovation. No acquisition. Just running the property the way it should have been run the whole time.
Value creation across cap rate assumptions
Same $75,410 NOI lift, capitalized at different market rates
Per-property value impact
Each building valued independently at 6% cap
| Property | NOI — prior | NOI — LSPM | NOI lift | Value lift (6% cap) |
|---|---|---|---|---|
| Building A (9 units) | $74,418 | $114,192 | +$39,774 | +$662,898 |
| Building B (10 units) | $107,304 | $142,940 | +$35,636 | +$593,928 |
| Combined (19 units) | $181,722 | $257,132 | +$75,410 | +$1,256,826 |
Per-property NOI splits operating expenses using the actual allocation captured in LSPM's owner statements. Combined NOI differs slightly from the consolidated table above due to rounding when splitting ancillary income by unit count.
How these figures are calculated. All dollar figures come directly from the prior PM's March 2024 rent roll and LSPM's owner statements for April 2024 through April 23, 2026. The $22,335 baseline is the combined in-place rent reported by the prior manager on the date of handoff. The $28,073 current figure reflects April 2026 scheduled rent across 19 units. Operating cash-flow totals reconcile to the consolidated owner statement: $662,074 cash in, $149,965 operating expenses, $507,954 in owner distributions. NOI comparisons hold operating expenses constant across scenarios to isolate the revenue impact of management. Property value estimates use a 6% cap rate consistent with current Willamette Valley small multi-family comparables; actual sale value depends on market conditions at the time of transaction. NOI is shown before debt service, which we don't have visibility into. Property and ownership names have been anonymized at the owner's request; underlying statements are available for review.
What would a 44% NOI lift do for your property?
We'll run a free rental analysis on your property and walk you through exactly how our Vacancy Elimination Program, in-house maintenance, and 360° inspections would apply to your portfolio — with specific NOI and cap rate math for your building. No sales pressure, just numbers.