Seeking Private Investor Equity to Help Develop Cash Cow Short Term Rentals

62060 Easterly Pl, Joshua Tree, CA 92252

$5,440,000 After Repair Value -
$3,315,000 Asking Price -
$0 Cost of Repairs =
$2,125,000 Potential Profit

Property Details

Asking Price $3,315,000

After Repair Value $5,440,000

Costs of Repairs $0

Potential Profit $2,125,000

Living Area 3804 ft2

Property Type Multi-Family

Bedrooms 0

Bathrooms 0

Half Bathrooms N/A

Parking 1

Listed with Agent 1

EPI (Estimated Potential Income)

Potential Rental Income $779,000

Yearly Expenses $230,000

Property Taxes $30,000

Net Operating Income $2,710

Cap Rate 13

Property Description

We are not selling the land, but rather are seeking $880,000 equity towards a new 8-acre development project in downtown Joshua Tree,. You will be an investor in an amazing opportunity...8-new residential units that will be reneted as short term vacation rentals in downtown Joshua Tree. We will first perform a lot-line adjustment to reconfigure the existing 4-lots into 2-acre lots which allows us to rent all the units as short-term rentals. We also intend to have one glamping POD on each of the 4-lots for additional revenue. Existing zoning allows all of this use by right. There will be four conventional construction loans, one per lot, and the insurance will also be simple in nature since each lot iwill be classified as a single-family home. The homes will have modern architecture with conventional wood framing, but constructed in the factory for a faster process of about 7-months per lot. There is a future upside if and when we decide to apply for approval to add 12-more units and a wedding event center. Therefore, this is a great long-term hold as the vacation rentals are a growing market and rates are high and vacancies low; however, if you desire to exit, we can refinance to buy you out. A 7% CAP rate from the revenue is expected to fetch a great profit on paper for the future refinance and this can kick back a great IRR to the investors when exiting. Cash flow will occur in 2021 with the prefab housing - ch takes only 7-months. We can proceed with the first lot with a $220,000 invesment, then $220,000 more for each lot.


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