Denver Development for Sale - 3 townhomes - Stamped plans

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Denver Development for Sale - 3 townhomes - Stamped plans

Ryan Fagin
Denver, CO · Member since 2014 · 4 posts · 0 votes

TURN KEY 3-UNIT DEVELOPMENT. This property, located 1/10th of a mile from the Perry Station Light Rail, comes with City approved plans to build 3 units, 5699 feet total of living area. The home on the land has been demoed (with asbestos abatement), Sewer and water lines capped, with APPROVED plans. Unique opportunity to buy today, and start digging tomorrow. Each unit has a rooftop deck, and private main floor patio. Units one and three are 1885 feet, and unit two is 1929 feet. Each unit has a 259 foot garage and 205 feet above the garage for storage space. $166,000 a door with approved plans is a great deal! The area is selling for around $350 a foot. At $325 a foot, total sales price = $1,852,175.00.

Seller has paid already $31,998 of the $79,995 management fee to Builder. It behooves the buyer to use this builder for the added value to them. They have estimated at this rate already established, $127 a foot to build. The commercial division of Denver took longer than expected and Sellers committed to different projects Jan. 1 of this year. Comparables: 1238 Quitman Development SOLD $328.42 a foot. 3980 W 13th U/C $362.39 a foot. 1222 Perry Active: $353.07 a foot. At a conservative $325 a foot, the 5699 total feet livable = $1,852,175.00 total sales. Seller is looking for a quick close.

Ryan Fagin

The Fagin Company

[email protected]

720.675.7107

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Matt M.
Realtor · Denver, CO · Member since 2013 · 2k+ posts · 1k+ votes
9y

Are they the same plans that came with it when your clients bought it back in 2015?

It's on the MLS now: http://www.recolorado.com/landlots-for-sale/1235-Perry-Street-Denver-CO-80204-208773140

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  • Travis Sperr
    Lender · Denver, CO · Member since 2009 · 1k+ posts · 597 votes
    9y

    Whats the address? 

    0Reply
  • Srikanth Kasa
    Real Estate Professional · Milpitas, CA · Member since 2013 · 40 posts · 2 votes
    9y

    Please share the details to [email protected]

    0Reply
  • Ryan Fagin
    OP
    Denver, CO · Member since 2014 · 4 posts · 0 votes
    9y

    Address is 1235 Perry Denver CO 80204

    0Reply
  • Matt M.
    Realtor · Denver, CO · Member since 2013 · 2k+ posts · 1k+ votes
    9y

    Are they the same plans that came with it when your clients bought it back in 2015?

    It's on the MLS now: http://www.recolorado.com/landlots-for-sale/1235-Perry-Street-Denver-CO-80204-208773140

    1Reply
  • Ryan Fagin
    OP
    Denver, CO · Member since 2014 · 4 posts · 0 votes
    9y

    Matt,

    As you can see in the brokers closing comments in the MLS, the original purchase discloses that the property was sold without the plans. The plans at the time of the sale in 2015 were barely ready for concept review. They had only been through one concept review and we quickly learned that beyond the concept of the units, they had very little value. There wasn't any real engineering reports done, just a rough schematic of layout. The reasoning was that the seller, Dana Crawford had designed the project to build for herself. She was more interesting in aesthetics and architecture and had already made a wooden model of the concept without any real plans. The original plans had concrete walls between the units for aesthetics, with a copper mesh on the outside that was priced at between $63-$67 a foot. The build cost was something in the $185 a foot. Because the plans were in their infancy, and the monies didn't add up, it was clear we needed to change.

        The plans currently are through permitting and ready to go. The seller has an extensive package of the monies already spent with receipts from the Builder that correspond with invoices from the City as well as certain vendors like demo, asbestos abatement, permitting, surveying, plan amending, etc. The paper trail is transparent and concise and one can easily see the value. If you have interest please let me know I would be glad to send you the package of information as needed.

    Regards,

    Ryan Fagin

    720.675.7107

    0Reply
  • Dorothy Ma
    Investor · Denver, CO · Member since 2015 · 138 posts · 73 votes
    9y

    Who is the builder?

    0Reply
  • Ryan Fagin
    OP
    Denver, CO · Member since 2014 · 4 posts · 0 votes
    9y

    Doubletree Construction Services

    77 South 4th Avenue

    Brighton, CO 80601

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