I have 80% of a condo conversion funded. I need 20% or 300,000- to start construction. This is a historical building in Salina, Kansas. This building qualifies for 45% of the cost of construction to be returned to the investor/builder. My figures indicate that will be worth $450,000-
Purchase Price of Historic Building $129,000-
Construction Conversion Cost $1,000,000-
Total Cost $1,129,000-
After Rehab/Repair Value over $2 million
How did I reach this conclusion?
Sale of 10 condominiums value$ 2,000,000- (asking price for each unit $200,000)
Historic tax rebate value $450,000-
Monthly lease of storefront for cafe/market $1000-
Association fees collected from condo owner $100 per unit X’s 10 equals $1000-