Updated 12 months ago on . Most recent reply
TENANTS-IN-COMMON (TIC) Sale (something new to learn!)
We are selling our 50% interest in the property as I live in California and have new obligations. Other owners have a 20+ year construction company just 30 minutes away from property in Bellbrook, OH. Property is ~25 minutes from new $2 Billion Honda/LG Battery Plant opening this month (October, 2024). Largest closest city is Xenia. High demand for apartments to house workers.
· +/- 31,000 square feet
· Zoned for apartments and transient lodging (Short Term Rental - Greene Memorial Hospital just 3/10 of a mile away so ideal for traveling nurses, PTs, OTs, Lab Techs, etc.)
· 60 +/- units possible
· Large fenced yard (~3.75 Acres) and possible adjacent land can be purchased.
· Four wings with separate common areas for Gym, Laundry, Reception, Community Room(s)
· Needs New HVAC, Plumbing, Electrical, drywall, flooring, windows, some ceilings, new pavement and roof vents/flashing. Roof new 2015.
· Property has 12 year tax abatement for new construction materials. This equates to well over $100,000 in property taxes saved.
· Price: $350,000 for Fifty (50) Percent Interest OR if you don't need the construction team, buy it for $700K.
· 25% Contingency Overruns puts rehab at $2.5M. Project can be done for $1,875,000
· Development team in place - you bring management & leasing to the table
· Proforma available with NDA