Multi-family residential DEVELOPMENT - Projected $498,600 Gross, $373,909 Net Profit, 9.2% CAP @ ARV of $4,000,000. ARV (After Repair Value) is calculated with current $3.45MM asking plus $550K estimated for a complete renovation equalling $4MM. Formerly the Holiday Hair World Headquarters, this Class A, 50,000SF Professional Plaza has 75 parking spaces & completed plans to develop 32 residential units & 3 commercial units (See attached docs/images). This property is 25kSF/floor, sits on 1.5 flat acres & has superior curb appeal with 360 glass windows & over 300' of frontage. Owners keep the property in pristine condition & recently installed a 1.2 Million BTU gas furnace, new 30-year rubber roof, & a FULL SPRINKLER SYSTEM throughout the entire building. Owner's feasibility study focused heavily on demand generators within .5 Miles including Muhlenberg College, Cedar Crest College, St Luke's Hospital, Lehigh Valley Hospital, A-town Fairgrounds. DEP Phase I & II approved.
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