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The property is located in a mixed use zone (MU-4).
The property next door is undergoing an identical five level condo conversion/construction (6 units). The property next door was purchased for $775K on 10/4/2018.
Profit – Unleveraged: $755K
Profit – Leveraged: $629K
Here are links to the info:
This submarket is seeing a lot of development currently. There is a 7 unit BZA condo conversion project right across the street by Claggion Development.
Please let me know if you have any questions.
If you pass on the project, please send to others who may be interested.