TITLE:
New Plan for Pendleton
CONTROL:
Partner
VALUE:
$1,400,000
LOAN:
$0
EQUITY:
$1,400,000
TYPE:
Development
HAVE:
A 116 preliminary plat that is in the final engineering stage. Average finished lot prices of $60k. Very cooperative city in a housing shortage market
WEBSITE URL:
ADDRESS:
30th and Hailey, Pendleton, Oregon
BENEFITS TO NEW OWNER:
Housing shortage says build homes and make more! Friendly city; engineering in progress; Builders chomping at the bit. Non-recourse debt.
GROSS SCHEDULED INCOME:
$6,960,000 Projected
VACANCY LOSS:
$50,000
GROSS EFFECTIVE INCOME:
$6,910,000
EXPENSES:
$3,755,000
NOI:
$3,155,000
DEBT SERVICE:
$0
CASH FLOW:
$3,155,000
CAP RATE:
225.36%
BENEFITS SOUGHT:
1) 200,000 for engineering, grading, phase one start, and 4 house started. or equity to take out underlying. Out of project.
CAN ADD:
Development, builders, engineer, ask for it. Feasibility study done by an independent party.
REMARKS:
2 owners: Hal Palmer Rentals, LLC (60%) beneficial interests to other parties. I am In control of what we can do.
COUNSELOR:
Hal Palmer
PDG Services
P. O. Box G
Longview, Washington, 98632
