3507 NE 153RD ST

This entitlement project started with buying an existing 8 person rooming house with favorable zoning for up to 16 units. In reality our proposal is for 8 units that we are readying to resell to a builder / developer. Our in-house partnership strategy is to acquire permits while leveraging the existing asset with a traditional loan. We are renting the existing units with short and long-term tenants, so our investment outlay is mainly down payment, permitting and consultant costs. Bought for $850k, Dev costs $100k, Permitted $2.2M, Final built value approx. $6.4M