1.4 Million Wholesale Development Deal in Portland, Oregon

[Taylor Shields]

Message me for the address

I am looking for any builders that want this project as well as any commercial lenders that would be interested in financing it. If you know anyone interested in something like this please send me a message.

Wholesale Price is $260,000

THE TERMS

Subject-To Existing Mortgage: $175,000

• Payments 1,112

Seller Finance in 2nd position: $45,000

• 5% Interest Only
• 1 Year
• Payment: $187.50

Due at Closing: $40,000

THE SIZE AND ZONING

5,000 SqFt Lot (Width: 50ft Length 100ft)

• There is a 1,000 sqft 1950's house on the land

Zoned RH (High Density

• Floor Area Ratio of 4 to 1 = 20,000 Sqft
• Max Height: 75 Ft

Estimated Minimum Setback Requirements

• Front: 0 ft
• Sides: 7 ft
• Rear: 6 ft

No Parking Required because its in 500ft of transit

THE POTENTIAL

The property is located in the Westmorland neighborhood and located approximately 3.5 miles southeast of Portland’s city center. It is flanked by the Willamette River to the west, Sellwood to the south, Eastmoreland to the east and Brooklyn to the north.

In 2012 this condo building was built within 5 blocks of the subject property.

Sales Prices:

Unit A: $229,900

Unit B: $229,900

Unit C: $225,900

Unit D: $225,000

Unit E: $247,000

Unit F: $245,000

Total: $1,402,700

Estimated Building Costs: 700,000 - 750,000