Property Detail

Description

Development opportunity in a qualified "Opportunity Zone". 14 Renovated units cash flowing at an amazing current Cap Rate of 6% from day 1. Attractive 2.6M assumable loan at an incredibly low rate of 3.9% fixed through 09/01/2027. Preliminary plans to add 20 new market-rate units by right (No low-income units) to achieve an unheard 11.5% Cap Rate, 6.8 GRM, and only 173k/unit after taking into account all the construction costs (~1.7M assuming $250/SF). The preliminary plans call for 8 detached ADUs in the back + 5 attached ADUs in the front + 7 new units in the front for a total of 20 new units. The 14 existing units have undergone many capital improvements including updated roof, electrical, plumbing, windows, interiors, exteriors, etc.