Develop A Non-Rent Controlled 26 Unit or Condo Project – Motivated Seller
Project now available Off-Market only on a highly trafficked street and in an up and coming neighborhood. Seasoned Valley developer has plans for a 26 Unit development with a unit mix: Thirteen (13): 1 Bedrooms, Six (6): 2 Bedrooms and Seven (7): 3 Bedrooms.
This building will be non-rent control and will have 4 low income units. 33 parking spaces are ground level (no podium). Plans have been submitted to the city and corrections are being done. Resubmission is expected int he next couple weeks. Plans expected to be 3-4 months until full RTI entitlement.
Based on conservative calculations, a proforma Cap of 7.9% and a GRM of 11.39 can be achieved for a develop and hold investor. Or build and sell for a 23%+ ROI or much higher for Condo Conversion. Property can also be sold with or without plans.
Any reasonable offer will be considered and seller is open to partial carry back at the right terms. This property can be purchased as part of a three development portfolio with a discount.