5702 gloucester opportunity presentation

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Post on 05-Aug-2015

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1. 5702 GLOUCESTER AUSTIN, TX 78723 PRESENTED BY INNER 10 CAPITAL WWW.INNER10CAPITAL.COM 2. PROPERTY MAP This property is a residential area of 78723 on Gloucester Rd near the Mueller development. Property in question is outlined in red. 3. PROPERTY MAP The lot is large enough to support a duplex and there is an existing duplex home already on the lot. This will save us some water tap fees! 4. PROPERTY VISION There is room to build a duplex with over 1750sqft per side plus a one car garage per unit. This is a conceptual design sketch for what the property might look like. 5. PROPERTY SIZE AND PLAN This property is one 11600 sqft lot It is zoned SF-3 The exit goal for this property is to build a 3500 sqft duplex condo and sell both sides. Build a total of 2 doors at 1750 sqft each. A portion of this lot *is* in the floodplain 6. PROPERTY SIZE AND PLAN This is the current layout of the lot There is a 25 year and 100 year floodplain on the lot Despite this feature, the lot is large and we can build outside of that plain Our designer has met with the city and the flood and tree issues can be built around 7. NEARBY COMPS 1 active new construction listing nearby Average pending $/sqft within 1.0 miles is $227/sqft Solds even with actives 8. NEARBY COMPS These listings match the ones on the map in the previous slide 9. SCHEDULE ESTIMATION March, 2015 Complete due diligence and feasibility - COMPLETE April, 2015 Complete fund raising May, 2015 Get demo permit, complete designs, close land, submit building permit July, 2015 Permits in hand, start construction March, 2016 Complete construction May, 2016 Close sale of all units 10. RISKS Tree or watershed issues prevent building what we want This lot is in the flood plain near the back of the lot which will remove about 20% of the usable land space Permitting prevents building what we want or extends schedule The original house was built in 1964 so it is not likely to be flagged for historic review Housing prices drop There is a lot of margin, our cost basis is $591,000 Debt not available