East Hampton Village owns 13 beach houses right on the Atlantic Ocean. For a long time these were rented out to a core group of people who were able to re-rent each year. This year the Village decided to auction off the rentals. 27East.com covered the auction.
Here's the math:
Expected rent $516,000 (4% annual increase included)
Actual rent from auction $827,000
60% more rental income
13 units for rent
Imagine if this auction had been handled on eBay?