This project has building and sitework permits issued. Developer will cooperate for a 1031 sale or take investors in as LPs. IRR of 27.2% over 5 year investment based on $3,250,000 equity raise and 70% loan to value loan at permanent financing which returns cash to investor when permanent loan closed.
The Ceeley project is a four-story mixed-use development in Fairview Village in east Multnomah County (east Portland metro area).
Two parcels make up the project which is located at the SW corner of the NE Market Drive/NE Village Street intersection. The two parcels combined total 45,613 SF or 1.05 acres. The building will be constructed on the intersection parcel along with additional on-site parking. The second parcel has an existing 62-stall parking lot dedicated to the project. Total off-street parking is 78 stalls.
The project will have 33 apartments over its ground floor which will be occupied by up to 4 office spaces.
Utilities are stubbed in the building pad and site work is completed to within 7’ of the building pad.
Seller is developer/contractor who will contribute $1,000,000 + of land value with Investor’s 1031 proceeds. Assumes a $3,500,000 total investment. Construction financing is at <60% LTC and Permanent Financing at 70%. 70% loan to value take out financing returns cash to investors
Slide deck and proforma available.
Land Cost includes over $950,000 of completed sitework which reduces construction budget; over $250,000 of A/E fees and permit deposits; and project secured a $300,000 + waiver of SDCs by City of Fairview. True land value is approximately $30,000 per door.
Project is for sale at $2,000,000 with permits in hand or $10,000,000 when completed with investors cooperation.
- Province / State: Oregon
- City / Town: Fairview
- Postal code / ZIP: 97024