This page shows financial projections for developing a 17-unit condominium building on the subject property, based on asking price of $1,870,000
Per Unit
17 Units
Land
110,000
1,870,000
Subdivision Plus Fees
6,000
102,000
Improvements
30,000
510,000
Direct Costs
125,000
2,125,000
Construction Contingency
7,000
119,000
Elevator
4,706
80,000
Soft Costs
26,176
445,000
Financing
26,471
510,000
Total
$335,353
$5,761,000
Gross Sales
425,000
7,225,000
Cost of Sales (4%)
17,000
289,000
Net Sales Proceeds
408,000
6,936,000
Net Profit
$72,647
$1,175,000
% of Project
16.26%

 
Improvements
Demolition
35,000
Dirt Work
25,000
Concrete & Slab
350,000
Walls & Foundation
100,000
Total Improvements
$510,000
% of Project
7.06%
 
Soft Costs
Architecture & Engineering
20,000
Supervision
60,000
Labor
10,000
Marketing
5,000
General & Administrative
60,000
Building Permits
140,000
HOA
15,000
Legal/Accounting
5,000
Insurance
120,000
Temp Facilities
10,000
Total Soft Costs
$445,000
% of Project
6.12%
   
Financing
Bank Interest
400,000
Points
50,000
Total Financing
450,000
% of Project
6.23%

 

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All information herein is believed to be correct, but we do not guarantee its accuracy and rely on prospects to rely only on their own investigations.

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