Help Analyzing Unfinished 10 plex
I am very interested in this unfinished 10 plex in Mahncke Park. I am actively looking for reasons not to buy it; playing devil's advocate. I would greatly appreciate your help and insight. I have gone to the city and checked up on permits open and closed. Zoning is good and allows for up to 13 units based on acreage and MF33. I own a multifamily on this street already and am very familiar with the general and immediate area.
Concerns apart from unfinished project are parking and adding those 3 units from ground up. It is a total of 3 buildings: 2 duplexes in the front (one finished one exposed studs) and then the larger back one with 6 units also unfinished.
I am bringing contractors, plumbers, and electricians etc out.
Thank you!
Whatever it is going to cost you to bring it back to its full potential should be used as negotiation leverage towards the seller. Keep looking for reasons not to buy it and present that to the seller.
Hi, curious did you end up getting it? The county change their policies so hopefully if you ended up buying them, those policies did not affect you. Unfortunately, they affected me. I wanted to built 4 units in my MF33 lot but due to their new policy I was not allowed built 2 duplexes ( saving the high multifamily costs i.e. site planning and sprinklers). Anyway, regardless of the outcome it looks like you are looking to invest or continue to invest in the best real estate asset. I started with SF, and I’m so ready to liquidate and move to bigger things. So ready. Happy Investing
