17 unit Apartment building development proforma

[Mayer M.]

Hey,

So I have the opportunity to purchase land that would by right allow for a 17 unit development. I have no experience with anything over 3 units and wanted to turn to the BP community for guidance.

Details:

The property is in a gentrifying area of Philadelphia with tons of new development everywhere you turn including single family, condos and multi family. The property is also located in the opportunity zone.

The property allows for 17 units by right and would be a gross of 19020sf with 4 stories on slab. Cost for the land is $620k ($36,470 per unit)+closing costs. Rents will demand $1500-1650 per unit.

I attempted to create my own proforma, but can’t seem to get it right. The numbers should work for resale and buy and hold, but I’m struggling.

If there’s anyone that can provide some feedback it would be greatly appreciated.

Thanks,

Mayer

[Barry Ruby]

@Mayer M.

Hi Mayer PM me and I will send an intake form that will allow me to run my pro forma on the project and share the results with you