1. FOURTH
+
308-314EAST
Capella Ventures, Inc
Peter J. King, President and Owner
Development Period 2003-2007
Threestructuresalloriginallybuiltasduplexesaround1909.
Allbuildingsinanextremelevelofdisrepair. Projectfunded
withpersonalequityandconstructionloan
Allthreestructureslocatedontwolots. Additionallot
obtainedandcombinedwiththestructuredlotinorderto
havethreelotswithenoughlandforownerstobuildgarage
apartmentsintherear. Effectivelymaintainingdensityof6
units. Firsttwohomesweresoldtocreatecashflowand
capitaltofinish3rdunit. DuetoNPStimelimitsonselling
incomeproducingpropertyonlythethirdunitqualifiedfor
theNPStaxcredit.
DEVELOPER
Land and Buildings $150,ooo
$700,000
$620,000
All Soft and Hard Costs
$850,000Total Development Cost
$35,000NPS Tax Credits, Unit 3
$10,000State Sales tax Credits
$20,000Property Tax Abatement
$285,000*Sale of Unit 3
$970,000Total Proceeds
*estimated sale price in stable market.
Actual sales price of final unit $150,000
due to recession.
Sale of Units 1 and 2
PRO FORMA