All Forum Posts by: Account Closed

Quote from @Chris Seveney:

@Fior Bastijancic

What was the cost of the land? That also needs to be taken into consideration

You could try and syndicate it or bring an investor but that is only if the numbers actually work and right now it doesn’t appear that they will work.

Thank you for replying.

The land cost 200k (3 lots) and it includes a house that needed some rehab, which is now done and I have a tenant lined up for $1600/month. It also includes a small commercial space <1200ft which I also hope to rent eventually (it's a conditional permit only for a small business, no retail). I almost feel like all the extra land was a bonus and now I just have to figure out what's the best option for it. The right side of the property has single family houses and the left side has small apartment buildings. 

If the numbers don't work for developing new construction building of that scale - what path do you suggest I explore in order to get the most benefit from land?

• I recently own approximately 1.5 acres of commercial real estate zoned R-3 moderate density multi family in Green Bay WI.
• I talked to a developer who estimates site fully developed could fit approximately 3 buildings of 12 unit apartments. Phase 1 - demo of a greenhouse sitting on part of the land - site utilities and 12-unit building turkey construction budget $2,043,100.00 -- $2,177,500.00
• The estimated rents would be approximately $1k per unit on average for mix 1 2 & 3 bedrooms- I feel like construction is so expensive and the market doesn’t support higher rents from what I’ve researched
• Should I : 1) try to partner with the local government for affordable housing loans and grants? (this is an option I’m looking into) 2) pursue partnering with another investor? a syndication? 3) the back of the property leads to a cul de sac which could potentially be another entrance - option would possibly be building a duplex or fourplex which would be less costly - then sell it and make another and use the profit towards the apartment building and just build 1 because who has that kind of money. Even a duplex construction is expensive so I even considered if modular homes could be an possibility. There’s really so many options it’s hard to know what is the most beneficial. Taking out debt for 2M is not something I can take lightly.
• are there any other possible options that I’m overlooking?

Thanks in advance for any feedback!

• I recently own approximately 1.5 acres of commercial real estate zoned R-3 moderate density multi family in Green Bay WI.
• I talked to a developer who estimates site fully developed could fit approximately 3 buildings of 12 unit apartments. Phase 1 - demo of a greenhouse sitting on part of the land - site utilities and 12-unit building turkey construction budget $2,043,100.00 -- $2,177,500.00
• The estimated rents would be approximately $1k per unit on average for mix 1 2 & 3 bedrooms- I feel like construction is so expensive and the market doesn’t support higher rents from what I’ve researched
• Should I : 1) try to partner with the local government for affordable housing loans and grants? (this is an option I’m looking into) 2) pursue partnering with another investor? a syndication? 3) the back of the property leads to a cul de sac which could potentially be another entrance - option would possibly be building a duplex or fourplex which would be less costly - then sell it and make another and use the profit towards the apartment building and just build 1 because who has that kind of money. Even a duplex construction is expensive so I even considered if modular homes could be an possibility. There’s really so many options it’s hard to know what is the most beneficial. Taking out debt for 2M is not something I can take lightly. 
• are there any other possible options that I’m overlooking?

Thanks in advance for any feedback!