Federal 30-year interest rate: 6.09% last updated on 2023-02-02
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
Active
20Bedrooms
15Bathrooms
24,000Square Feet
0.24Acreage
According to seller, this is approved to a total of 15 units. The breakdown are as follows: Six 3 beds, 6 two beds, 3 one beds, which should generate about $374,000+ a year once completed. This is truly shovel ready. Just pay the permit fee, and start construction all approved by the city to start construction. Full plans will be sent upon request. For the right buyer/investor, this will be a wonderfully modern asset, and once build it will have virtually no maintenance requirements and an amazing return. The property pro forma attached is assuming a $3.5 million dollar loan after construction with a $5.2 million dollar valuation. Buy: $1.5MBuild: $1.9MARV: $5-5.2MTake a look at this cool video from the seller https://youtu.be/CxZZu6ywOGUProforma is assuming a refinance loan of approx $3.5M with an appraised value of $5.2M. In the event the buyer leaves 20% in the deal, the cash on cash return is approx. 12% year one. Moist figures: Assessed Value, Sizes, tax are all estimates.
