New Construction Quadplex video walk through
Here's a link to a brief video walk through of a new construction quadplex I just completed. I bought two vacant 2-story shells that were falling down, demolished them and consolidated the two lots into one parcel, which allowed 4 units by right. I then spent a small fortune on architecture, engineering and permitting, got a construction loan, and built this 3-story beauty. I GC'ed it myself, this is probably my 50th project I've GC'ed for myself. This project is part of a small syndication I put together of mostly friends and family and in total is 4 buildings/19 units. This particular project, if the appraisal comes in as expected, should fully cash out with a 75% LTV loan and while it won't meet the "1% rule", it will meet the .85% rule, which I just invented. Philadelphia has a 10 year tax abatement on new construction so for the next 10 years we'll only pay taxes on the land! Hard costs for the build came in right around $147/ft., which isn't bad for a corner property as they're generally more expensive due to more siding and windows, at least compared to an infill/mid-row rowhome here in our fair city.
