TITLE:
OPPORTUNITY ZONE REDEVELOPMENT OPPORTUNITY
CONTROL:
Partner
VALUE:
$1,950,000
LOAN:
$0
EQUITY:
$1,950,000
TYPE:
Development
HAVE:
Full city block located, just north of CBD, in an Opportunity Zone and Tax Increment Reinvestment Zone. 3 existing buildings totaling 68,000 square feet or more. Rehab existing buildings or most likely redevelopment uses are multi-family, assisted living,
ADDRESS:
401 SE 2nd Avenue, Amarillo, Texas
BENEFITS TO NEW OWNER:
Attractively priced at $28 psf to the buildings. Tax benefits from OZ location. Redevelopment opportunity just north of recent developments. Catacorner from Amarillo Civic Center that desires expansion. Multitude of possible uses with existing buildings.
GROSS SCHEDULED INCOME:
$0
VACANCY LOSS:
$0
GROSS EFFECTIVE INCOME:
$0
EXPENSES:
$10,000
NOI:
$-10,000
DEBT SERVICE:
$0
CASH FLOW:
$-10,000
CAP RATE:
0.00%
BENEFITS SOUGHT:
Cash for the next opportunity. Joint venture with a proven developer. Or trade for an income property with upside (industrial, retail or possibly office). Would consider well located land for 10% to 20% of the purchase price.
CAN ADD:
Cash. Signature. Residential Lots in Willisburg, KY. Retail Centers in Amarillo, TX and Jackson, MS. Commercial land in St. Johns, MI.
REMARKS:
Located just north of CBD with recent development of hotels, Baseball Stadium, new office buildings and adjacent to the Amarillo Civic Center which is studying a major expansion. Existing usable buildings or redevelopment opportunity.
COUNSELOR:
Eric Hillenbrand
SEPG Associates LLC
7515 Holliday Drive West
Indianapolis, Indiana, 46240
Cell: 317-590-0638
Email ehillenbrand@ccim.net
