2 Acres Dev Site-Heights
The lots are next to each other giving it a frontage of 259 ft and depth of
336 ft. Around ~50 town home style single family homes without back yards
can be built on it with detention in driveway. Those 1400-1500 town home
style single families without backyard are going between 270-290k.
There is already homes being started to built on the lots opposite to these
lots with builder currently doing excavation for driveway etc.
Seller Numbers:
Land, road, utilities: 1,900,000
38 homes at 1550 sq ft each.
Building cost per home: 165,000
Total cost to build: $6,270,000
Sales price per home: $320,000
Total sales price: $12,160,000
Commissions and closing costs (6%): $729,600
Proceeds after commissions: $11,430,400
Total net proceeds after commissions: $11,430,400 - $6,270,000 - $1,900,000 = $3,260,400
Potential profit is $3,260,400 minus cost of financing
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