Updated over 7 years ago on .
Wholesale Land for Development
Hey guys!
Working with a seller as a wholesaler, and I'm looking to make an offer on his property and subsequently shop it to developers. It consists of the following:
Existing building with 4, One bed apartments and 1100sf commercial, Off street parking
Existing building (tear down, use footprint) with plans and pre approved proposals for a 17 unit, 3 story apartment building
Lot for 18 parking spaces.
In approval process and in abour $16k to engineers for plans, permits etc.
This is a high foot and vehicle traffic in an up and coming neighborhood with a lot of development in the area.
Potential Rent Roll of $26K monthly with room for ancillary income.
Can someone guide me on how to appropriately price this deal? Residual Land Value??