Another Angle for Value

Camelback additions can be very hard to execute in certain markets but also present opportunities to dig out value with the right cost basis.

A camelback is a partial second story built on the back of a home, usually a shotgun house, to create more space.

They gained popularity across historic cities because many property sites have main buildings with accessory structures on the same lot.

Over time, the one-story main structure and the accessory were merged into a single building.

Or, as more space was needed in a shotgun-style house, a second story was added.

When executed properly (and legally), they allow operators to acquire a higher (future) unit count at a discounted basis.

Still very tough to make the numbers work (and secure permit approvals), but an avenue that opens up more possibilities for the operator.

Below is a picture of one of our New Orleans properties that was once a duplex and later converted into 4 units with the use of a camelback.