Attention Developer/Investors – this is a great deal if you know what you are doing, and you
have the resources to make it happen. Here is how I am underwriting this deal: there are currently
10 units there right now but I do not believe keeping them is the best way to go about this property.
I believe you need to knock down what is currently there and then go ahead and build 10 brand new rental
units that would fetch a very large rental income. They are all vacant so no need to deal with any tenant issues.
There is 21,000 sq ft of land there, and it is zoned RD2 so you are allowed to build 10 units. Plus, there is a lot
of room to make them very desirable.
As an example, one could build ten 3/3s 1500 sq ft each and probably rent them for around $4500/mo
each. The lot is very flat and buildable and very easy to get equipment onto the property. So, run your
numbers and see if it makes sense for you and, if so, I will help you get it.