TITLE:
HIGH DENSITY LAND DEVELOPEMENT IN HIGH CASH FLOW MARKET
CONTROL:
Partner
VALUE:
$2,000,000
LOAN:
$0
EQUITY:
$2,000,000
TYPE:
Development
HAVE:
High Density Entitled Land 320+ units multifam or 120+ units single fam. $2mm appraisal from 2018. Tax credits + rising rents + Slightly lower int rates expected to trigger sale. $3-$10MM upside. Near Midtown Memphis. Affordable housing.
ADDRESS:
1221 South Willett Street, Memphis, Tennessee
BENEFITS TO NEW OWNER:
Grandfathered RU-3 zoning. Three ways to profit: 1. Sell land in 1-3 years for big upside; 2. Develop as single family now; 3. JV or develop multifamily. Low cost/door. Within qualified census tract = LIHTC tax credit financing.
GROSS SCHEDULED INCOME:
$0
VACANCY LOSS:
$0
GROSS EFFECTIVE INCOME:
$0
EXPENSES:
$10,931
NOI:
$-10,931
DEBT SERVICE:
$0
CASH FLOW:
$-10,931
CAP RATE:
0.00%
BENEFITS SOUGHT:
Cash or trade. Will trade my bread and butter assets plus this land as must take for other income.
CAN ADD:
Up to $450k Cash + UT Retail + ID Medical Office. Can add boots on the ground development partners who will stay in
REMARKS:
Robust job growth in Memphis. *FedEx headquarters. *20mm sf distribution space under construction. *600k sf Associated Foods dist. ctr. *500k sf Ashley furniture dist. ctr. Major hub expansion for Amazon and Nike. *New $6 billion Ford plant.
COUNSELOR:
Chris Watkins
Equity Real Estate - Advisors
Elk Ridge, Utah, 84651
Cell: 801-477-7650
