The investment proposal is to build 4 town homes in the Central District of Seattle. This investment is a great opportunity as permits are pending issuance.
- The purchase price of the property is $970,000
- The lot size is approximately 111 by 60’ totaling 6,924 sq ft and is zoned LR2. The site is located on the corner of 28th and Charles St..
- The property is conveniently located near a variety of amenities, schools and has easy access to I-90.
- The homes are on average 1,620 designed to be contemporary 3 story town homes with roof top decks and one car garage. Each home will have 2-3 bedrooms and 2-2.5 half baths. The middle floor is designed to be the main living space, with open kitchens, dinning rooms, living room, and half bath.
- Comparable town homes have sold at $401 a sq ft, 15 pending town homes are priced on average of $426 a sq ft and current active properties are selling at $439 a sq ft.
- New construction in the area is selling very quickly. On average, the solds were on market for 5 days, pending product has been on the market an average of 35 days, however that number includes pre-sold construction.
- Estimated cost of construction $1,000,000, building at $160 a square foot
- Estimated sales price $695,0000 each with a total ARV $2,780,000
- Investor profit is $189,126. 114% Annualized. This is a 10 month project.
Money will be used as down payment. Construction financing is set in place. I have a full, detailed packet that I can send over to those who are interested. Serious investors only.
Thank you.
Artem Cheban
