1410-1412 MERIDIAN PLACE NW List price to be opening bid at online only auction. Online auction to be conducted on Auctioneers website. Bidding begins Thursday, October 24th & ends Tuesday, October 29th, 2024 at 12:00pm. Prime Development Opportunity: 10-Unit Permit Delivered At Closing. Discover a unique investment opportunity in Columbia Heights. Two adjacent properties, 1410 and 1412 Meridian Place, offer the potential to construct a combined 10-unit building. The 5-unit, per building, plans are currently in the final stages of review, and will be delivered at closing. Key Features • Prime Location: Ideal for residential development • High ARV: Attractive returns on investment • "As-Is" Sale: Flexibility in development plans For detailed information, including budgets, plans, and drawings, please visit the documents section. Don't miss this chance to capitalize on this exceptional development opportunity. 1410 Meridian: Improved by a 1, 376+/- SF townhome. 1412 Meridian Improved by a 1, 790+/- SF townhome. Projected Condo Project: EXIT STRATEGY 1: Unit 1 - 654sf - 2 Bed, , Unit 2 - 598 sf - 2 Bed, Unit 3 - 570 sf - 2 Bed, Unit 4 - 631 sf - 1 Bed + Den, Unit 5 (PH) - 853 sq sf- 3 bed, 3306 sq ft total for each building, Total ARV $2, 550, 398.29. @ $750/sq ft. EXIT STRATEGY 2: Rent = Avg Rent $3420 / unit, Annual rent = $205200, Net Rent (after 25% expenses) = $153900, ARV (@ 6% cap) = $2, 565, 000. Projected Construction Cost: Acquisition Cost $1.000, 000; for each, Construction Cost: $578, 985 ($175 per s/f x 3, 306 s/f of living area); Carrying Cost (6%): $99, 000 (12 months); plans & Permits: $30, 000, Legal Fees: $10, 000, Total Acquisition/Construction Cost: $1, 996, 000