Shovel ready 8-unit Multi family APARTMENT BUILDING Full Tax Abatement

This is a shovel-ready opportunity for you to build a beautifully designed class-A, 8-unit building in a prime location, with the full 10-year tax abatement secured! The tax abatement will save approximately $470,000 in taxes over the next 10 years. Plans and permits are approved for this ultra-high-end 8-unit building ideal for condos or executive apartment rentals. This project has been designed and positioned as a top-of-class building with pro-forma rents at $3-$4 a square foot which is in line with the other projects we've developed in the area with the same finish specs. Gross annual rents are projected at $306,180. This project is also well suited for condos or executive rental apartments, as it's in an area with high-income professionals associated with the universities and the med/tech industries. The numbers: Price for property including the land, the existing structure, plans, meps, and approved permits with a full 10-year tax abatement: $675k (the building and land alone appraised at $990k when we originally purchased it, since then we have spent over $200k on architecture and other soft costs), so there is a ton of value here already but we need to sell it. Estimated cost of construction is around 200/sqft ($1.9mm) Estimated gross annual rents are $306,180/yr ARV would be around $5.1mm The site is in the Garden Court neighborhood of University City, Philadelphia, which has long been a desirable location and is now seeing a boom of high-end mid-rise developments to the west. This property's existing 3,360 sqft structure is a beautiful Victorian with gorgeous brickwork and good bones. Plans call for a new construction addition on the rear of the building to bring the project to approximately 9500 sqft. It will be a good mix of 1 to 3 bedroom units, with very well optimized layouts to get premium rents, with most units offering private outdoor space and all of them designed much nicer than your typical 'Philly luxury apartment'. The larger units feature multiple outdoor spaces, large primary suites with tubs and showers, walk-in closets, private roof decks, and one with large kitchen surrounded by sliding glass doors that lead to a wrap-around terrace . We designed this as an owner-quality rental building and, as we've experienced with our other stabilized properties, the achievable rents are much higher than standard 'luxury' rental buildings. Our tenants know the difference and are willing to pay for it. Full plans, MEPs, geotech, phase 1, and finish lists are assembled and will be delivered to the buyer with the property so that you can start construction right away.