4714 Griscom Street

Description

Rare opportunity to finish a building with 13%++ cap rate!!Remodeling is currently underway and owner is looking to sell at any stage of the rehab. The current framing that has been completed enables various uses, from 5 apartments (zoning variance is required), to 4 apartments, triplex, duplex, down to extra-large single that can be used as a group-housing of 12 bedrooms.ARV $850k++If the buyer chooses to finish the property as 5 apartments building then the projected rents (conservative forecast):Apt1- 2BRS/1BA- potential rent $1,450Apt2- 2BRs/1BA- access to back yard- potential rent $1,500Apt3- 2BRs/1BA- potential rent $1,450Apt4- 2BRs/1BA- potential rent $1,450Apt5- 2BRs/1BA- potential rent $1,450If the buyer chooses to finish the property as a single home, it can be used as a group-housing rental of 10-12 bedrooms, contracted with organizations that typically price $700+ per bedroom per month thus will pay over $7k/mo rent .In any configuration, the total potential income (conservative estimate) $7,300/mo or $87,600 annually!Current status- -Architectural planning and design- completed (drawings are attached here) -Framing - completed-New windows installation- completed-Rough plumbing- completed-Rough electricity- completed-Insulations- in progressNext steps in the project- need to be doneor HVAC installationo Sheetrocks installationo Paintingo Flooring installationo kitchens and bathrooms The remaining work to complete the building is estimated between $120-160k.