Seeking Investor/Builder for 7 Unit Townhome project Seattle
The investment proposal is to build multiple units in North Seattle. The configuration of the site offers the opportunity to build 7 smaller detached town homes, or 6 larger town homes. The proposal discussed in this packet is to build the 7 town homes.
The purchase price of the property is $790,000
The property is a flag lot the building area size is approximately 80’ by 100’with the entire lot totaling 12,900 sq ft, zoned LR2. The site is located off 35th Ave NE, near major arterial NE 125th St. Water and sewer are located in the street.
Currently there is a triplex built in 1975 totaling 7 bedrooms and 6 baths, that could potentially provide rental income during the permitting process.
As stated the proposal is to build 7 town homes. They would be approximately 1,450 sq ft. in size, with parking of the alley and rooftop decks. The property will have territorial views, similar to the construction of the neighboring row homes. The comparable properties suggest building a modern style, as well as being Built Green, this will also help expedite the permitting process.
The average days on market for new construction is 7 days.
Estimated cost of construction $1,900,000 building at $165 a square foot, with an extra $50,000 in development cost.
Estimated sales price $520,000 each with a total ARV $3,640,000.
Total equity required $245,000
Estimated Investor ROI (Cash on Cash): 209%
Estimated Investor Annualized ROI: 179%
Full Packet of information on the project available upon request.