4 Unit TH project in Hyde Park, Tampa - Plant HS South of Kennedy

[Devon Garbus]

Great opportunity to build 4 townhome units in a quad like configuration of 2 in front and 2 in rear. Similar designs surround this property on both sides as well as across the street. With access off both Albany and the paved alley this is a common design in the area. Located within easy walking distance to Hyde Park shopping, dining and bars. Less than 6 mins drive to downtown, or under $9 via Uber.

The average size for similar 3 story units in the immediate area have been roughly 2600 SF and have sold in the $590's to low $600's.

Lot Size 64 x 125

Zoned PD

Survey and proposed site plan in for PD are attached. The first hearing on the PD is Dec 14th. Closing is by February 22nd and is contingent upon the PD having been approved.

Asking is $570k

http://mfr.mlsmatrix.com/DE.asp?k=4521941XNKQ4&p=DE-215846265-212

Here are the comps in the immediate vicinity going back through last year. I used these comps to include the project on the next corner east that finished last spring and sold for over $600,000/unit.

Projections:

Sale Price:  $600,000

Closing costs and commissions: $48,000

Land cost:  $142,500

Construction Cost (3150 sq ft total each X $85/ft): $267,750

Profit: $140,000. 34% RoI