Rare Development Opportunity - Entitled 6 Units On a High Preforming Corridor. Location Details
CMX-2 Zoned for commercial, 5 residential units above • 1 & 2 bed units & roof deck. Eligible for a 10 year tax abatement upon completion of construction . Additional property (set up as a duplex) at 2505 Amber St is interested to sell as a package deal, therefore you can consolidate, increase the foot print of the building and add unit density. Central to large and midsize development .Located in a Qualified Opportunity Zone Strategy 1 - Bring the building to lease ready condition for a projected $4100 gross monthly income to cover the estimated $4000 monthly debt service. Pursue approvals on plans and pull permitting. factoring in expediting and response time from examiners you'll begin work in the spring time, which will aline with the ideal rental cycle for stabilizing the building. Strategy 2 - For an offer price of $780,000 Seller will finalize and coordinate with the architect to submit plans for approval. Seller will deliver approved plans at the time of closing. Buyer will be responsible for adding their contractor to eclipse and pulling/ paying for permits. Build immediately and sync with the rental cycle to stabilize the building.