Build 4plex in Snohomish County

[Kirill Chervets]

Hey BP!

I need help!

I have a 1960’s side by side duplex in Everett Wa. Great location off the freeway and between schools. The lot is zone for 4 units and I’d like to tear down the existing duplex and put in (4) 800-900sq 2/1 units.

I have gone to the planning office and had a feasibility report done and everything so far lines up.

Here’s where I need help, I don’t know what I don’t know. I am in a good equity position as the existing duplex sits now and have some cash to take a non owner occupied construction loan (I have 6-7% secured otherwise)

From initial numbers I’m looking at 800-900 to build and after construction value of 1.3-1.4 with about $96,000 gross rents.

I am seeking feedback, constructive criticism, and contacts who have experience in something like this.

Thank you!