Looking for lending or equity partner in project in Durham NC
I will be putting my own cash into this deal. Looking for lender or equity partner to join me.
The subject property is an off market 19.05 acres in Durham North Carolina 5 minutes from Duke University. This is a multi-use property complete with an onsite fill dirt mine. The current list of tenants is extensive and includes:
The purchase price is $3,000,000 and the NOI is $700,000.
We believe the land alone without the income is worth near $3,000,000.
There is currently a full time, on site manager who has agreed to sign an extended contract.
This property has been in the family for a while, and the father passed several years ago and the son is now wanting to focus on his construction company.
The vision for the property is to create a more professional atmosphere by cleaning up the property, enforcing storage rules, installing better signage, lighting, security, etc.
Over time we will not renew the lowest paying tenants and bring on additional higher paying tenants to increase revenue.
This property already boasts a 20%+ cap rate, so our goal is focused on preserving that return along with increasing it slowly and conservatively through the above mentioned methods.
We also strongly believe that as the Raleigh Durham metroplex expands that this property will only increase in demand and value.
Our objective is to hold for 5 years and then liquidate.