LR2 4 Townhome Development in West Seattle For $120 K Profit
| Sales of Units | 2,056,000 |
| Land & Improvements, Purchase Cost | 460,000 |
| Financing Costs | 140,789 |
| Unit Sales Costs | 168,592 |
| Other Soft Costs | 43,745 |
| Unit Construction Costs | 1,122,000 |
| Total | $1,935,126 |
| Estimated Profit | 120,874 |
- 936 SW Holden St Seattle WA 98106. Not in an urban village and so parking will be required. Zoned LR2. 6000 square foot lot. Project must be built green. The Width of the lot is 60’ and the depth is 100’. There is an alley in back of the house.
- Subdivide into two lots and a Front Lot of 50’ by 60’ and Back Lot 50’ by 60’
a.Front Lot: FAR 1.2 (Townhomes) * 3000 * 1.06 = 3816 actual recorded square feet.
b.Minus 200 square feet allocated to 2 unofficial “recreational concrete patio” parking spots. 3416 sq ft.
c.Build 2 front townhomes without a garage at 1700 sq ft each. Townhomes include a rooftop deck.
3.Back Lot
a.FAR 1.2 (Townhomes) * 3000 * 1.06 = 3816 actual recorded square feet.
b.Minus 400 sq ft allocated to 2 unofficial “recreational concrete patio” parkings spot. 3416 sq ft.
c.Build 2 townhouses without garages at 1700 sq ft each. Townhomes include a rooftop deck.
4.Concerns we have are 5 large trees around the perimeter of the house. But it is less of a concern because we are not going to have to do a full design review.
5.Buyer to confirm zoning and building feasibility. Please confirm all data listed here with your own feasibility studies. We assume no risk for the information provided.
6.Our CMA includes data that supports a value of $499,000 for the back two townhomes at 1700 sq ft with a rooftop deck at $290 per sq ft and data that supports a value of $529,000 for the front two townhomes at 1700 sq ft with a rooftop deck AND a garage.
7.Purchase price of $460,000 includes our assignment fee of $20,000. We require a $8,000 non-refundable deposit into Chicago Title (Leslie Segi). Listbacks are mandatory. Title and escrow must be Chicago Title and Escrow. Must close by July 1, 2016. Buyer agrees to pay an additional $5000 if any extension is granted by the original seller (but we cannot guarantee that they will extend).