Real Estate Underground
Real Estate Underground
Ed Mathews
Internet Isn't a Tenant Cost...It's an NOI Lever - with Adam Bell
29 minutes Posted May 12, 2026 at 4:00 pm.
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Most multifamily operators treat internet as a tenant problem or a cost line they grumble about. Adam Bell, Founder and CEO of Internet Subway, says they're leaving real money on the table. Adam runs a modern ISP focused exclusively on apartment communities. His company delivers fiber-to-the-unit (FTTU) in bulk to property owners, who pass it to residents as an included utility and capture the rent spread. Industry data shows 5 to 15% NOI uplift on well-executed bulk deployments. The math alo...