Valuation upon completion of phases
I've acquired a vacant property and am in the process of renovating with the plan to open in 2 phases. I'm developing a business plan for this retirement community and would like to put a value on the project at the various stages to show potential investors (and myself!) the value/security after each phase. Wondering if this community could assist me with the valuations at these three stages based on this information: (thanks!)
Building purchase was $490,000 and is included in 'Total Invested' amounts below. The location is Creston, British Columbia
1. Renovated Building with Occupancy Permit but no Tenants. Just the turnkey potential
2. Occupancy Phase 1 - Total Invested $890,000. 12 suites ready - expected NOI $6800/mth
3. Full Occupancy Phase 2 - Total Invested $1,225,000. Total of 35 suites - expected NOI $28,000/mth
I've attached an image of my first crack at it, not really based on any expertise in commercial/multi-family valuations. The $3,000,000 was an actual 'as complete' appraisal amount (for what its worth) that I spent $4,000 on in a big bank's due diligence period but they ultimately declined the loan. Thanks in advance for any opinions or assistance.