This newly built 45 unit mixed-use building offers the owner the ability to collect a sizable NOI, while also befitting from the high appreciation of the area. There is a high demand for newly built rentals in the area, which will keep the vacancy low, and keep the rents high. The 39,037 SF building offers 15 parking spots, 2,876 SF of community space, and 45 rental units (33 1-bedrooms, 12 2-bedrooms). 30% of the units will be affordable, allowing the owner to capitalize on a 30 year tax abatement. Furthermore, the developer is willing to transfer the Opportunity Zone Tax Credits to the new owner. Projected NOI is $887,222 and Cap Rate is 5.91%. Estimated completion is Fall 2020.
*Some Interior images are virtually rendered