1412 Meridian Place NW

Description

Auction Property. In Cooperation with Alex Cooper Auctioneers. List price is Opening Bid At The Online Only Auction Sale To Be Held on The Auctioneers Website " Bidding begins Thursday, December 4th & ends Tuesday, December 9th, 2024 at 2:00pm. Prime Development Opportunity: 10-Unit Permit Delivered At Closing - Discover a unique investment opportunity in Columbia Heights. Two adjacent properties, 1410 and 1412 Meridian Place, offer the potential to construct a combined 10-unit building. The 5-unit, per building, plans are currently in the final stages of review, and will be delivered at closing. Key Features: Prime Location: Ideal for residential development - High ARV: Attractive returns on investment - "As-Is" Sale: Flexibility in development plans. For detailed information, including budgets, plans, and drawings, please visit the documents section. Don't miss this chance to capitalize on this exceptional development opportunity. 1410 Meridian: Improved by a 1,376+/- SF townhome. 1412 Meridian Improved by a 1,790+/- SF townhome. Projected Condo Project: EXIT STRATEGY 1 - Unit 1 - 654sf - 2 Bed - Unit 2 - 598 sf - 2 Bed - Unit 3 - 570 sf - 2 Bed - Unit 4 - 631 sf - 1 Bed + Den - Unit 5 (PH) - 853 sq sf- 3 bed - 3306 sq ft total for each building - Total ARV 2,550,398.29. @ $750/sq ft - EXIT STRATEGY 2 - Rent = Avg Rent $3420 / unit - Annual rent = $205,200 - Net Rent (after 25% expenses) = $153900 - ARV (@ 6% cap) = $2,565,000 - Projected Construction Cost: Acquisition Cost $1.000,000; for each - Construction Cost: $578,985 ($175 per s/f x 3,306 s/f of living area);Paid Fees (4%): $101,950; Carrying Cost (6%): $99,000 (12 months); Plans & Permits: $30,000 Legal Fees: $10,000 Total Acquisition/Construction Cost: $1,996,000