Vilma Lane
Projected
Build 8 townhouse (4) duplexes on .9 Acre lot
Each townhouse duplex will have two 3/2 1700 sq ft units.
Lot under contract for $675,000 Budget
Build cost $2,000,000
Close to I 95, just a 3.5 miles from downtown West Palm Beach directly out Okeechobee and only 5 minutes from the airport.
Great neighborhood with Starbucks, Publix, Car Wash, all within a few minutes. Local comps for duplexes that range from $413,000/$319 Sq Ft to $400K $267 sq ft (only 1500 sq ft so $453,000) (I have several comps) All are only 1300 Sq Feet. New Construction further west at 1400 square feet and $435,000.
*Vilma is much further east than the majority of comps.
All 12 units will be
- Carbon Neutral
- Include solar panels
- A 12 month building process to completion
- Electric car charger
- impact windows
Under contract!
- Rent rolls will exceed $288,000+ year.
- Lot cost $675,000
- Build Cost $2,000,000
- Forecast sale $3.8M based on sq ft retail/Forecasted sale to REIT $3.9M based on 7.3% CAP rate assuming $3000 month (VERY conservative)
- Build is green, energy efficient, includes impact windows, car chargers and solar panels.
Mr. Lewis’s experience in the real estate and financial services industry spans more than 25 years. He excels at consistently turning raw land with little to no perceivable value into a multi-family profit center. His accomplishments include over $55 Million in residential properties flipped and $22 Million in commercial/multi-family properties built or flipped. He’s well-versed in real estate finance and what it takes to develop a successful, profitable project. Bolstered by a degree in Manufacturing Engineering and 25 years in sales and marketing.
Mr. Lewis received his BBS in Manufacturing Engineering from California University of Pennsylvania in addition to completing coursework in Finance business Florida Atlantic University in Boca Raton, Florida. He is also fully licensed in Florida, where he holds a Real Estate License and passed the Florida Contractors Exam.