SF Lots into Shovel Ready Multi

[Kyle Piasecki]

Investment Info:

Small multi-family (2-4 units) other investment in Philadelphia.

Purchase price: $110,000
Cash invested: $30,000
Sale price: $230,000

Dilapidated garage covering two single family zoned lots, oddly shaped lots. Combined both lots into two lots with city and zoned for 3 unit multifamily project with 1 off street parking. One unit was two story 2bd 2ba with private rear yard access, and two 1bd 1ba units. I was originally going to build and hold this project. We decided to move from region and sold shovel ready project with full set of plans, engineered drawings, mechanical, structural, geotech, etc. Was not in hurry to sell so listed high and property sat. Then relisted with agent after I moved. One buyer fell through and forfeited security deposit. Property sat through winter. Jan 2019 sold due to being in Opportunity Zone.