Christian OsgoodCEO, Multifamily Strategy · CEO at Multifamily Strategy

Never buying a small deal again

6 May 2025 · 1 min

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Christian Osgood bought a 38-unit apartment building in Central Washington for $2 million after it sat on the market for 12 years. Within two years, it appraised at $4.15 million. The seven-figure gain convinced him to stop chasing small deals.

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The sellers tried to sell it for 12 years. $2 million, 38 units, Central Washington. Generally, a working property of that vintage would appraise around $100,000 to $110,000 per unit for that size. So I'm like, okay, this building, if it was working, should be worth over $3 million, almost $4 million. End of year 1, we bought for $2 million. End of year 1, we appraised for $3.2 million. End of year 2, we were appraised at $4.15 million. Quick 7 figures in equity. Yeah. And that's where I was like, I'm not buying small properties anymore. This is, uh, there's more zeros when you know what you're doing. I would rather just make more on a deal.