TITLE:
Build To Rent Subdivision with 33 lots
CONTROL:
Owner
VALUE:
$550,000
LOAN:
$200,000
EQUITY:
$350,000
TYPE:
Development
HAVE:
I finished the entitlement process and rezoning after 12 months approved in August 2022 ready to go. I'm looking to partner with financial liquidity partner and have builders ready to go. I'm also open to developer/builder partnership dong 15% preferred.
ADDRESS:
1715 Tin Cup Road, Mahomet, Illinois
BENEFITS TO NEW OWNER:
I'm looking for equity capital with 2-4 year time horizon to get horizontal infrastructure in to start getting lots sold. This 7 acres is adjacent to my RV park located 10 minutes from University of Illinois.
GROSS SCHEDULED INCOME:
$1,700,000 Projected
VACANCY LOSS:
$0
GROSS EFFECTIVE INCOME:
$1,700,000
EXPENSES:
$1,100,000
NOI:
$600,000
DEBT SERVICE:
$0
CASH FLOW:
$600,000
CAP RATE:
109.09%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$200,000
$0
0%
03/09/2025
No
BENEFITS SOUGHT:
Financial and liquidity partner to get infrastructure and "build to rent" R2 lots. There is not a house under $200,000 for sale right now. Low supply.
CAN ADD:
I "can add" note 0-4% interest to builder/financial partner with me on this project approved and ready to go with contractor bids in hand. I have moved on site and expansion to demand with adjacent 24 acres for 86 acres total.
- 60+ rented SFR properties
REMARKS:
- 20 R2 lots (duplexes) looking to "build to rent"
- 13 R1C lots (single family) that looking to sell for cash to help fund development and building the R2 lots
- https://www.zillow.com/homedetails/1715-Tin-Cup-Rd-Mahomet-IL-61853/304906929_zpid/
COUNSELOR:
Quentin McNew
Tin Cup RV Park
501 N Neil, Suite 2
Champaign, Illinois, 61820
Phone: 2175524062
Email quentin@mcnewcapital.com
