Shovel Ready Development Project Central Phoenix

[Craig Rismiller]

Phoenix Developers / Contractors....

We have a .5 acre parcel in Central Phoenix (7th St & E. Roma Ave.) that we have decided to sell. We were going to do this project ourselves but my PHX based partners decided it was too big for them to take on at this point. Here are the details:

- Deawings, engineering and permits are already complete for a 7- unit multi family project. They are all 1600 sq ft, 3 bed 2.5 bath, 2 story units that will make fantastic rentals or convert / exit as condos.

- If you keep as rentals - rates are all over the place but newer / higher end communities are going for $.90 to $1.00 psf

- Condo prices are also all over the place but in the complex we own right next door, the 1 remaining OO just had a BPO of $225k on his condo that is now 7 years old and slightly smaller at 1400 sq ft. This street is in a fringe neighborhood that borders the very high end Biltmore area where condos are $200+ psf

- Parcel was just listed on the MLS last night for $450k, which includes the land and building permits that would let you break ground tomorrow.

- I am a principal / owner in this property so I can make decisions. PM if you are interested and we may be able to work on the price, consider seller financing or maybe even a JV if the terms are right