Karina Chavez LLC | Application Preview
Karina Chavez LLC is seeking government grants to support the purchase and renovation of a 1940s motel in Albuquerque, New Mexico, with the goal of converting it into safe and affordable studio apartments. The company recently acquired Adobe Manor Apartments, a renovated property poised for success, and is planning to acquire an additional motel to expand its rental offerings by 21 units.
The funding will be used for the down payment and renovation costs, emphasizing the commitment to providing up-to-code, affordable housing in the community. The owner highlights the positive impact on the local area, as the renovated studios will contribute to the availability of safe living spaces.
In terms of competition, Karina faces challenges from the City of Albuquerque, which is pursuing similar initiatives, as well as out-of-state investors and local motels providing subpar accommodations at high rates. However, the company believes its competitive edge lies in its extensive experience in home rehabilitation since 2013, a dedicated and skilled workforce, and a deep understanding of the local real estate market as a Spanish-speaking realtor. The hands-on approach and community focus further strengthen their position in the market.
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General Information
Business Registration Number: 84-5148403
Location: Albuquerque, NM, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: $100k to $250k
Annual Gross Expense: Less than $100k
Open to Loans: YES
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Funding Usage
Down payment and rehab costs to purchase a 1940s motel and convert it into safe and affordable studios for the community in Albuquerque New Mexico.
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Business Plan
We just purchased Adobe Manor Apartments, which is set up for success. It is a 1940s motel that has been renovated and turned into studios. The rents will increase appropriately thus our revenue will grow. Adobe Manor Apartments plans on acquiring another motel to create housing and open 21 additional doors for our rental market. I am contributing to our community by providing safe, affordable housing for the people in Albuquerque, New Mexico. Our studios have been brought up to code, with new plumbing, electricity, and hvac systems that allow our community to have affordable safe housing.
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Self Identified Competition
The City of Albuquerque, out of state investors and the weekly motels nearby. The City of Albuquerque has decided to take the same approach as we have by purchasing abandoned hotels and providing housing to those in need. Many out of state investors have realized the financial opportunities that lie in New Mexico and have started buying up real estate in town. The motels nearby are unsanitary and charge an insane amount of money for a weekly stay. My husband and I have been rehabbing homes since 2013. We have a reliable and hard working crew that we can count on to get the job done. As a Spanish speaking local realtor, I know the market very well and can identify the need for affordable rents in Albuquerque. We are hands on, no nonsense business people that are excited to take on another project.
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Contact Applicant
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