Considering your first building?
Understand how small apartments work, what ownership involves, and the questions to ask before pursuing a purchase.
Start with the fundamentals ↗Your next chapter in real estate
Small apartments.
Bigger possibilities.
Build your knowledge before you build your portfolio. Learn how to evaluate, buy, and operate apartment buildings with 5–50 units.
Practical education. Clearer questions. More informed decisions.
5–50 units · A focused approach to multifamily
Mindset + Skillset + Performance = ResultsLearn the fundamentalsUnderstand the numbersPlan your next step
A path for every stageWhere are you in
Where are you in
your investing journey?
Start with what you need today. Build your understanding one decision at a time.
Looking at a potential deal?
Learn to read income and expenses, work through NOI, and identify what deserves closer investigation.
Explore the numbers ↗Already own apartments?
Explore management options and ways to assess building operations, expenses, and potential improvements.
Browse owner resources ↗The learning library
Better questions.
Stronger foundations.
Explore the key decisions behind apartment ownership through our educational articles and videos.
Watch on YouTube ↗Why apartments? ↗Ownership fundamentals & tradeoffsUnderstanding value ↗Income, expenses & evaluationThe buying process ↗From initial research to due diligenceProperty management ↗Explore professional managementSelf management ↗Consider your operating roleInvestor glossary ↗Build your real estate vocabulary
Try the fundamentals
Make the numbers
less intimidating.
A simple example connects effective income, operating expenses, and net operating income. Adjust the annual inputs to see the relationship.
Illustrative learning tool. Operating expenses exclude debt service, income taxes, depreciation, and capital expenditures. NOI is not spendable cash flow.
Annual NOI$108,000
Example cap rate6.00%
NOI = effective income − operating expenses.
Cap rate = annual NOI ÷ example purchase price.
Keep learning
Resources for your next step.
Video learning
Learn at your own pace.
Explore the Small Apartment Investors channel.
Explore the video library ↗
Meet the founder
Hi, I'm Cordell.
I created Small Apartment Investors to help people understand the decisions behind buying and operating buildings with 5–50 units.
Your rent roll, expenses, financing, property condition, and management plan all matter. My goal is to make those questions easier to navigate, whether you're exploring your first building or sharpening your approach.
Cordell Davenport · FounderTake your next step
Let's talk about
where you want to go.
Considering your first apartment building? Evaluating a property? Exploring ownership? Share where you are and what you're hoping to learn.
Call Cordell ↗Connect directly
415-697-1336Cordell Davenport
Small Apartment Investors
Good questions to start with
A little clarity goes a long way.
I'm new to apartment investing. Where should I begin?
Start with the fundamentals in the learning library. Consider your goals, available time, and the responsibilities of ownership, then learn how income and expenses affect a building's operations.
What should I gather before discussing a property?
Bring the asking price, unit count, rent roll, operating statements, financing assumptions, and any known condition issues. Identify which figures are documented and which are estimates.
Does this site offer investments or guarantee results?
This site provides education and a way to connect with Cordell. It does not present an investment offering or guarantee returns. Specific purchases, loans, and tax decisions require appropriate professional guidance.