Soda LLC is a NextGen tech-enabled hospitality company that promises to increase NOI for multi-family asset owners by at least 30%, effective immediately, through their no cost property management alternative. Soda LLC, also known as Soda Stays to end-users, describe themselves as an end-to-end tenant-management solution for multi-family asset class owners, thereby acting as both the sole or partial tenant in a building as well as the property management on-site. Owners of these assets, therefore, eliminate the cost of the 10%-15% traditional property management fee as well as keep the asset at 100% occupancy year-round. Immediately, just these two functions of Soda LLC’s presence on day 1 increases NOI significantly. Soda LLC further eliminates: turnover costs, vacancy loss due to turnovers and lease lapses, maintenance upcharges from traditional PM. Ultimately in multi-family buildings such as the recent case-study that made its rounds at industry conventions, “Riverview in OH”; NOI tripled due to Soda’s tech-enabled management-tenant product solution.
Soda LLC, or as they’re also referred to as, Soda Stays, furnishes the units and through their technology back-end, leases them to mid-term tenants, corporate tenants, and other travelers looking for accommodations. Soda offers the upside benefits of hospitality, with the downside protection of multi-family. Soda LLC through Soda Stays generates revenue by charging the new tenants more rent to stay, which allows the asset owner to continue to be passive while generating a significantly higher ROI. As a former $1B+ REIT Manager, this is absolutely game-changing not only for asset owners, but large real estate portfolios and funds that can see this NOI lift realized at scale. Soda’s “flex-multifamily” offering is in line with trends in the multifamily industry as of current, 80% of all commercial real estate new development includes mixed-use. This is a 180 degree turn from 10-15 years ago when this practice was unheard of.
Soda LLC coined the term “flex-multifamily” back in 2019, and as industry experts analyze the trend-lines, it seems that flex use or mixed use in the multi-family space will be the new standard for highest and best use in the industry. Soda LLC is a tech company to look out for in 2022 in what seems to be panning out as a burgeoning industry set to eventually become an institutional asset class.
