18%Annual Return (net)
Multi Unit CondoProject type
12 MOEst. Investment Term
Multi Unit Condo
Two Parcels with all special process approval, councilman blessing, retaining wall, water line easement and blueprints to build as much as 11 units – SHOVEL READY!
- 2 pieces to make a whole.
- Able to build up to 11 units.
- Special Permit Process Approval complete!
- City Councilman has blessed the project.
- Retaining Wall has been built.
- Plumbing Rights have been obtained from owner behind the two lots allowing one to run the plumbing through their property for 11 units – all downhill.
- Likely would build Condos – 3 of them 2 units together and 2 of them as single units together.
- Have plans and designs with rooftop balcony.
- Able to start the property immediately.
- Proposed making $3.3 Mill profit potential from everything upon completion.
Market Value Analysis
- 5% YoY HOME PRICE INCREASE
- NO TWO HOMES ARE IDENTICAL
- 2400 PEOPLE MOVE HERE MONTHLY
- 2015 POPULATION: 1,830,345
- MEDIAN AGE: 34.53
- DESIREABLE AREA
All of East Nashville is very desirable to buyers, with the right side of Ellington Pkwy being the first area to come up so more new builds and renovations are on that side, now the left side of Ellington is getting bought up and selling for the same prices. When you drive each side, you will see the right side being more “arrived” and the left being on the way
- EXPLOSIVE GROWTH
East Nashville as a whole has gorgeous renovations and new builds scattered in with neighbors that are in need of upgrades or tear downs. “Sketchy” areas will be right next door to a $450,000 home that sells before it’s even finished being built. Over 30,000 people moved to Nashville last year, and that number has been predicted to double. East Nashville has exploded with new construction to accommodate this large demand. The buyer market is very diverse, with the young professionals with higher income brackets desiring the East Nashville area due to many factors and venue’s: i.e. 5 Points, the Gulch and then of coarse Downtown Nashville.
Frequently Asked Question
Cherokee consists of 2 lots put together that have gone through the special permitting process for 1600 sq ft unit builds of 11 units. They are asking $600,000 for the land but may take $500,000 on a cash offer.
There are potentially 2 other lots on either side that could be acquired if sellers willing to sell which could boost this project to 20 units. Plumbing Rights have been obtained from owner behind the two lots allowing one to run the plumbing through their property for 11 units – all downhill. Likely would build Condos – 3 of them 2 units together and 2 of them as single units together. Have plans and designs with rooftop balcony.
The sellers have run out of money and ability to secure a general contractor to complete their project and thus the opportunity arises.
What is great about this project is it has already gone through the city planning approval process and is ready to go. That being said the original owners unwisely made their plan for 1600 sq ft units and we really need about 2000 sq ft units to get the return projected in this prospectus.
Some units maybe attached, some detached, believe it or not, resale footage price is nearly the same. Using the same floor and exterior plans here is totally acceptable to buyers, classic style or new/modern are both very desirable. The main thing is that finishes on the interior need to be similar to the 1600-2500 sq. ft. homes buyers are used to seeing.
Many investors go for the higher end of $450,000 to $500,000 range to increase profits. The houses sell well, but as investors ourselves, we prefer the less risky option. We suggest the $177/ sq foot resale range building 1900 sq ft, 3 bedroom, 2.5 bath homes selling in the $300,000-$330,000 price range. This model fits the biggest buyer market and they sell quickly.
Our management team is a group of professionals, whose backgrounds consist of many years of experience in management of resources and facilities as well as many years of marketing of various products.
GENERAL CONTRACTOR: Tom Bucchino
Tom has been providing superior craftsmanship for over 45 years. Tom is a third generation custom homebuilder and remodeling contractor. Tom learned from his grandfather and father to begin a job and complete it before starting another job, and this is how he runs his jobs today. Tom is a hands-on GC that you can expect to see on the job site every day. No matter how big or small the job is, Tom applies the same attention to detail and quality craftsmanship every time priding himself with the ability and knowledge to assist or complete every trade job in the home construction field. If needed, Tom can personally build the cabinets, trim the home, complete the sheet rock, hang the fixtures or put in the plumbing. Tom is able to spot problems long before they become a problem without interrupting the daily traffic pattern. Tom knows how to design luxury homes with all the amenities that today’s buyers expect. What Tom has heard the most from all his customers is, “ Wow I did not expect to see you working here every day.”
DEVELOPER/PROJECT MANAGER: Greg Garner, PMP, MBA, ITIL
Greg Garner brings an entrepreneurial spirit and a level of detail needed to complete each project and ensure we remain profitable. He is a highly motivated individual with executive level experience directing and managing large groups and projects, enabling client companies to become more efficient, saving valuable time and resources.
REALTOR: Ashli Williams
I’d love to have the exclusive listing for all your re-sale’s and exchange for this, I’m available to you start to finish for all your design/finish needs/assistance etc. I reduce my commission for all resale investors. I’ve been renovating here in East Nashville exclusively for 3 years full time. I’ve done 25 renovations myself and they’ve all sold at my desired resale or higher. Tom is my recomended contractor, awesome and always gets the job done beautifully and on time.