Warehouse Rental Space Deal analysis

[Silas K Garrett]

Hey guys and gals

I have a commercial property that i plan to build some rental space on. Id love it if anyone could try and poke some holes in this deal, and tell me what i missed. The bank i have been talking to wants to do a construction loan but they aren't so forward about the details of the loan being loan term, interest, down payment, and if i can roll my first 6 month of loan payments into the deal. SMH. Any advice on lenders would be much appreciated. sorry for my lack of experience posting but i'm learning:) 

Thanks 

Kyle

8181 Wickson Ridge Commercial rental

2 - Metal Buildings approx 8400 sqft Each

8 - Units approx 2100 sqft each

.50-.75 per sqft of rents ($1200.00 per unit)

Costs For building (based off my High Quotes) - $100,000.00

Parking lot - $50,000.00

Septic System - $15,000.00

Electrical - $20,000.00

Metal Building - $100,000 Delivered ($50,000.00 Each)

Concrete and flat work - $128,000.00

Land - $36,550.00

Install Building - $10,000.00

Concrete Water Drainage - $36,000.00 (optional has to be approved by developer and neighbor)

Unseen cost - $20,000.00

Total

$415,550.00

Rents per month

$9,600.00

ARV with typical cap rate(10%)

is $860,000

Loan Payment with tax and insurance

$3,000-$3,600

[Steve L.]

Building 16,800 SF of metal building for that price seems really low. Does that include bathrooms/office?  

The rent range is wide and seems pretty high, but I'm not sure.