Investor of $450-600K needed for construction of Multi Unit Student Housing project in Columbia,Mo-1 block from Missouri University. The project is designed for 34 beds, 4 story complex, with the ability to add more units and go up 2 more levels and have retail on the 1st floor also possible.
Student housing in the area stays 100% rented with a 1 year waitng list and rents for $800-1300 per bed per month.The ability to make incomer greater than most large aptmnt complexes is here.
Project has a 13.8% cap rate,a 22% ROI,debt service of 1.82 over 20 years.Looking for invest to match equity in land $450-600K.Principal involved owns the land,has design drawings sone,zoning requiremnts in place,ready to pull the permits and build.Projected income of $375K per year.
Owner would like to obtain partner and/or financing within the next 30 days -by 5/15/13!
Owner is also a 20+ year Real estate investor,has been RE broker for 12 years,and has owned a successful Heating and Air company for the past 13 years.
If you are interested in this opportunity please notify me right away and I will relay all information to my Client.
Thank you and have a great day,