Any entrepreneur today is looking for a deal that can be leveraged for cash production as well as future development. This tale of two deals fits that objective to a tee.
Deal One: Mini Mart & 2 Apts + 16,867 SF Lot in Lake Forest Park. $400K annual Cash flow from Store and the (2) huge apts that can become 4 apts. Next to bus stop and on main arterial would make could rental for students. Competitively priced below past sold comps to be affordable to all investors. Upgrades appear all basic homedepot labor and materials. The two level structure has a solid foundation and footings. Owner wants to sell and retire to home country.
Investment Price- $1,260,000
Deal Two: Existing (8) rooming house in Lake Forest Park yielding gross sales of $102,922 last year that is permit ready for (8) unit townhome development.
Investment Price – $1,800,000
Proposed (8) units – 3 beds 2.5 Baths 1,595 SF each. Optional Roof Decks, comps priced at average resale value of $775K/unit x 8 = $6.2M gross sale potential for (8) upscale attached town homes.
Seller is offering a Shovel ready Development that has taken many years to permit and includes income producing existing building with 6% debt service. Building has been designed for simple wood frame over concrete parking Garage to make it friendly for all builders. Zoned multi-family, the footprint was principally determined by the parking requirement of 1.5 spaces per unit. The configuration is in a townhome style, the intention was to condo the units when complete to offer best resale cash-out opportunity for the builder / developer.
Permits are ready.
What should be noted for deal # 2 is it is currently cash flowing nicely with $8,500 @ month as-is. Owner is leaving state.
Deal 2 has a cooperative seller. Deal one has a seller that is retiring and returning to their homeland. Lake Forest Park, a city of two deals that can put you on the Victory Lane!