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HOUSE DESCRIPTION
The Property: We own a 20 acre property in the poconos area, zoned commercial c. It has a 27,000 sqft building, currently used as warehouse and office combo. The Plan: Our plan is to build an additional 90,000 sqft building, in 9 sections of 10,000 sqft each one The Reasoning: This area only has available warehouse inventory of 100,000 sqft per warehouse and up. The demand for small warehouses is going up and there isn't any available supply. So there is an unmet need for smaller warehouses that we plan to meet with this building. The Cost: The all in construction cost of the project will be: We plan to build it out in stages, the first section can be build using $400,000, and each subsequent section will cost $350,000 each, fora total cost of $3.2m The Upside: We estimate that we can generate yearly rents of $12-15psf, Per unit: $120k to $150k per year. ($10K+/mo) in NNN lease. x 9 units = $1.08m per year less vacancy. The operating costs should be kept low due to NNN leases.
